Internet and PC security specialist Prevx today announced that GTE Federal Credit Union, a not-for-profit financial cooperative, has joined the growing number of financial institutions benefiting from free and powerful protection against online fraud.
By joining the Prevx SafeOnline Business Partner Program, GTE Federal Credit Union is the first credit union in the US to offer its online banking members this added layer of security that prevents malicious software (malware) from compromising confidential account numbers and passwords. Following an increase in the number of malware attacks on its members' PCs, the credit union will exclusively recommend the award-winning Prevx SafeOnline technology to help boost the defenses of its online banking users. Within seconds of installing Prevx SafeOnline, a PC is completely protected against threats that can steal information not only from an online banking session, but from all other websites where people share personal information, credentials, and payment card details.
"While online banking fraud is by no means a new problem, attacks are becoming ever more sophisticated, allowing criminal software to bypass increasing numbers of AV products with ease. In some instances, malware is able to use a member's PC to add extra fields to an online banking session, prompting them to disclose user names and passwords. Despite the fact that we advise our members to stay diligent and never share this level of information, such prompts appear to be legitimate requests from the credit union. It's worrying to think that an attack of this nature can be launched without there being any actual changes to our website as all the malicious activity is taking place on the member's PC," said Sally Bielen, Vice President of ebusiness at GTE Federal Credit Union. "As cyber criminals deploy ever more ingenious techniques to steal valuable information, you can see how easily a momentary lapse of judgment can lead to disaster. The added challenge is that even the savviest online banker with the latest anti-malware solution installed and fully updated has found their defenses compromised. Consequently, while it can be clear we have no hand in their PC being infected, there is a percepttion that the credit union is at fault."
Management at GTE Federal Credit Union decided that both the credit union and its members needed absolute confidence that neither party would fall victim to online fraud attacks. Following a review of various solutions on the market, the Prevx SafeOnline Business Partner Program and Prevx SafeOnline technology were selected as the exclusive solution supporting GTE Federal Credit Union's online security strategy. The reasons for this decision are threefold: Firstly, the Prevx SafeOnline technology complements a member's existing security products, prevents infected PCs from compromising an online transaction, and has no impact upon the online banking experience. By joining the Prevx SafeOnline Business Partner Program, the credit union can offer free protection across all websites at all times, which means there is no risk of information shared on other sites being used to compromise a member's banking credentials. Finally, the entire solution including customer support is free so there is no major financial investment required on the part of GTE Federal Credit Union.
Bielen continued: "Another draw of Prevx SafeOnline is that it protects a member's PC even if it's infected. If there are any infections, a security review report will advise them of the severity of these threats and suggest potential remedial options such as contacting their existing anti-malware vendor. With modern malware threats such as the Zeus Trojan being widely reported to bypass the defenses of even the most popular security brands, our members need this type of approach to close the gap around personal security."
By using Prevx SafeOnline, successfully tested by Immunity Inc., GTE Federal Credit Union members can be confident that passwords, session credentials, addresses, credit card details, or account numbers that are entered into or displayed by an internet browser during an online transaction are fully protected. This is possible because the product completely locks down the PC operating system and browser to render malware blind to the transaction, enabling secure online transactions even on infected machines. Prevx SafeOnline also ensures customers are connected to the true GTE Federal Credit Union website and not a potential phishing site.
According to Mel Morris, CEO at Prevx: "Our research has now found that the malware is evolving so successfully that it is able to steal a much broader range of identity information from online shopping or banking transactions. This means security solutions that only protect login credentials and session information during online banking are now comprehensively undermined. GTE Federal Credit Union is now part of a growing community of financial institutions that recognize how online transaction security today depends on protection of customer credentials and all personal information, at all times and on all websites. We are extremely pleased to partner with the credit union as it helps members learn how to address the challenge of online fraud."
As a Prevx SafeOnline Business Partner, GTE Federal Credit Union also receives free, real-time reports about major threats such as phishing sites and infected PCs affecting their website so they can better manage the risk of online fraud.