- Panda Security announces the global launch of an innovative new service designed to help reduce the risks associated with online transactions,
MADRID, April 11, 2008-Panda Security, one of the world’s leading IT security providers, has today announced the global availability of Panda Security for Internet Transactions, an antifraud service for online transactions to protect against identity theft through malware attacks targeting online banks, pay platforms and e-commerce. This service warns companies when there is a targeted attack and offers the tools to identify and block affected users, thereby reducing the possibility of online fraud.
Panda Security for Internet Transactions is Panda’s response to the dramatic increase in online fraud. Today, more than 40% of new malware is designed for online fraud, and according to a study conducted by Gartner, phishing attacks caused US consumers losses of US$3.2 billion in 2007.
“This solution enables banks and businesses offering online services to ensure that users launching transactions on their websites are not infected by any malicious code that affects the service. They can see the security status of their users and effectively manage the risk involved in online transactions. This dramatically reduces the possibility of fraudulent operations”, explains Malcolm Skinner, VP Products at Panda Security.
Bankinter, a leader in online banking in Spain, has already implemented this solution to protect clients from the risks of online fraud.
“This service does not just benefit online organizations but also their clients, as they can rest assured that their bank details, passwords, and identity information are safe when operating online”, continued Malcolm Skinner.
Panda Security for Internet Transactions leverages the benefits of Collective Intelligence, an innovative security model developed by Panda Security. This system is based on the collection of information concerning malware from the Internet community and the automated processing of this data in new, purpose-built data centers. As the knowledge is accumulated on Panda servers and not on clients’ computers, Collective Intelligence rapidly maximizes the detection capacity of Panda solutions while reducing clients’ bandwidth usage and resource consumption.
The benefits that this service offers organizations include:
- Reduction of online fraud: Panda Security for Internet Transactions provides tools and information to stop fraudulent activity. Organizations are rapidly alerted whenever there is a new malware attack targeting their users, and delivered the information needed to respond in time. Organizations will see how the malware operates and how they can protect themselves. They can prevent infected users from accessing their website, reducing the effects of online fraud.
- Control and management of threats to online transactions: This is the only service on the market offering information about the security status of clients (Advanced Customer Device Information). This can be used by an organization to create risk profiles, meaning the service can be configured to restrict the permission to carry out transactions to those clients that meet pre-determined security requirements.
- Expanding business thanks to improved security: Users’ lack of confidence in online security is one of the prime reasons for their reticence to use Web services. This tool reduces online fraud and allows companies to offer clients a secure environment for online transactions.
- Reduced operating costs: Currently, when users discover that someone has been operating fraudulently using their identity, they claim against the bank or company involved. Consequently, the bank or company is responsible for the loss and associated costs (compensation, insurance,…), and has to ensure that the attack is not further exploited to steal from other users. They have to find the malware responsible for the attack, discover how to block its effects and implement the strategy, and finally, calculate the impact it has had on its users and its business. This usually takes a minimum of 48 hours; sufficient time for the amount of money lost to increase considerably. Thanks to Panda Security for Internet Transactions these costs can be dramatically reduced by blocking the attempted fraud in real time.