Internet Fraud Challenges Today’s Online Business Banking Applications

What:			In a recent article from The Washington Post, light was shed on the current state of online business banking security. Businesses are increasingly falling victim to Internet fraud with billions of dollars lost each year. The problem, however, is not online business banking, but rather the commercially available browser and security levels offered for these solutions. Malware is focused on the browser and banks have little or no control over customers’ computing environment.
			In today’s networked world, the browser and e-mail are the ubiquitous software tools used for information exchange. When applied to business banking, bill payment and ecommerce, the Internet is a haven for hackers waiting to steal identities and perpetrate fraud. Increased business banking malware attacks represent a change in the way hackers are operating. It is no longer a game, but a business.
Who:			With 32 years of financial services experience, Joe Spatarella, vice president of sales and marketing for Online Banking Solutions (OBS), can provide expert commentary on how security threats can be minimized through the use of a multi-level security model that includes:
			-- Strong authentication to prove user identity,
			-- Virtual Keyboard to prevent harvesting of private information via keyloggers,
			-- One-time, time-perishable passcode generation/utilization,
			-- Restricted and controlled destination/URL list per user,
			-- Strong authentication of destination Websites (mutual authentication prevents pharming), and
			-- Single Sign-On (SSO) and user credential management for identified Websites.
			Along with OBS’ company principals, Spatarella has been directly involved in the evolution of cash management through his work with Magnet Communications, Inc., DISC and now with OBS. OBS has developed the next generation of products and services, including a suite of products called M-Secure Banking designed to minimize Internet fraud and risk. The suite includes the M-Secure Browser, a hardened internet browser with integrated two-factor and mutual authentication for user and device authentication and a Virtual Keyboard to protect PINS and passwords from keyloggers, and its Single Sign-On Service (SSO) for easy-to-use and secure user access to multiple bank Web applications. By: Business Wire Aug. 17, 2009 08:30 AM