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Posted May 1, 2014
Andreas Baumhof, Chief Technology Officer, Will Educate Attendees on the Growth of Mobile Banking and Associated Cybercrime Risks
San Jose, CA – May 1, 2014 – ThreatMetrix®, the fastest-growing provider of context-based security and advanced fraud prevention solutions, announced today that Andreas Baumhof, chief technology officer, ThreatMetrix, will present at the FS-ISAC & BITS Annual Summit, May 4-7, at the Omni Amelia Island Plantation Resort, Amelia Island, Fla.
FS-ISAC – the Financial Services Information Sharing and Analysis Center – is a non-profit association comprised of financial institution members. The organization is dedicated to protecting the financial services sector from physical and cyber threats, attacks and incidents through the dissemination of trusted and timely information. The 2014 Annual Summit expects to draw in nearly 500 industry executives and practitioners to discuss the latest information on cybersecurity threats, trends and technology in the financial services industry.
Baumhof’s presentation, titled “Mobile Banking Fraud: Are Your Defenses Up to Date?” will take place on Wednesday, May 7 from 10:15-10:45 a.m. ET. The presentation will focus on mobile banking threats from a user point of view, but equally emphasize how a global trust intelligence network can help financial institutions avoid fraudsters and hackers attempting to exploit mobile’s weakened security.
From account takeover to identity theft, Baumhof will provide unique insights into the growing sophistication of mobile banking fraud and real-world examples of how financial institutions can mitigate such threats.
“Financial institutions are primary targets for cybercriminals as their mobile penetration is much higher than the average website,” said Baumhof. “At the same time, mobile comes with its own challenges as traditional two-factor authentication doesn’t work when the transaction originates from a mobile device. Guidelines such as the Federal Financial Institutions Examination Council (FFIEC) requirements apply to all transactions, but in reality different types of transactions – such as mobile – require targeted cybersecurity strategies. At the summit, we’ll demonstrate how to define a holistic strategy that includes mobile as an integral part to prevent account takeover, malware attacks and fraudulent registrations.”
ThreatMetrix is uniquely positioned to protect financial institutions against cybercrime because the ThreatMetrix Platform addresses the FFIEC requirements to protect the integrity of online customer accounts and financial transactions. The platform enables financial institutions to do the following:
• Address FFIEC layered security banking guidelines
• Recognize returning customers using complex device intelligence
• Identify high risk transactions through device and transaction anomalies
• Protect legitimate customers and transactions from targeted malware
• Detect compromised devices that represent risk to assets
ThreatMetrix builds trust on the Internet by offering market-leading advanced fraud prevention and frictionless context-based security solutions. These solutions authenticate consumer and workforce access to mission critical applications using real-time identity and access analytics that leverage the world’s largest trusted identity network.
ThreatMetrix secures enterprise applications against account takeover, payment fraud, fraudulent account registrations, malware, and data breaches. Underpinning the solution is the ThreatMetrix Digital Identity Network, which analyzes over 500 million monthly transactions and protects more than 160 million active user accounts across 2,500 customers and 10,000 websites.
The ThreatMetrix solution is deployed across a variety of industries, including financial services, enterprise, e-commerce, payments, social networks, government and insurance.
For more information, visit www.threatmetrix.com or call 1-408-200-5755.
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