August 30, 2016 – Cyber crime can happen in any industry whether big or small. As technology is constantly evolving, hackers’ strategy and methods are persistently improving to make it easier for them to perform a cyber attack. Attacks against the Finance Industry are highly targeted nowadays, making it easy for these hackers to steal money from banks electronically. Although highly convenient on the customer’s end to manage and do any finance-related transaction online, these methods are giving cyber criminals an opportunity to rob a bank account.
A recent report surfaced that a Vietcombank client experienced cyber attack resulting in VND 500 Million ($22,400) debited to the client’s account without the knowledge of both bank and its client. Vietcombank was able to stop VND 300 million ($13,455) transaction in the system and the rest of the money was withdrawn through an ATM in Malaysia. According to Vietcombank, personal information and bank account online password were stolen from a website that has been accessed by their client. Hackers were able to transfer money to various accounts at the three banks in Vietnam.
Vietcombank is not the only bank who have experienced bank heist, there are also reports of major banks that have fallen victim to these hackers. To mention some, in January of 2015, Ecuador’s Banco del Austro hackers stole $12 million and transferred it through Wells Fargo Bank account in the United States, hackers of Vietnam TPBank tried to transfer out $1 million, however, they failed. Early this year, Bangladesh Central Bank has also been a victim by cyber criminals where they stole $101 million from its account at the New York Federal reserve
Bank hacks have focused on stealing the login credentials of bank account holders in order for them to attack not only in big banks but also in smaller and less guarded banks which they organize to transfer request to get money out of bank clients’ account without any difficulty. To decrease the case of such attacks, Securemetric provides a digital security solution that is specialized in protecting bank clients against the illicit transaction. CENTAGATE is an authentication solution that can provide strong security. Bank clients who access the application to transfer funds can be protected with the two-factor or multifactor authentication mechanism. It offers “adaptive authentication” which detects log in the behavior of the user and features the risk upon login that can be detected according to the set security policy.
CENTAGATE also offers transaction signing method in which fund transfer of a certain amount is signed by the user/sender using their private keys on a hardware token. Upon transaction signing, the user/sender must input the PIN to the hardware token as another stronger security measure. This feature explores the application of PKI technology on each transaction by implementing digital signature.
To ensure security measures are in place, the whole infrastructure from the end to end should be protected. This would involve security approach from client access, security features of the application, and the secure communication channels through which the funds would pass through.
This will bring a new level of banking security against hacking, and CENTAGATE offers the best level of protection in the finance industry.
For inquiry about CENTAGATE, you can send us an email at email@example.com.