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New System to Combat Online Banking Fraud


Padlocked currency.

A new online banking security solution protects customers from man-in-the-browser Trojan malware by using a visual channel to transfer data securely from the bank to the customer.

Credit: newbankaccount.com

University of Cambridge spinoff Cronto is helping protect customers against the threat posed by man-in-the-browser Trojan malware. The solution protects against Trojan attacks by using a visual channel to transfer data securely from the bank to the customer.

Cronto enables the bank to generate a two-dimensional barcode containing the data the bank is trying to send to the customer. The barcode is decoded by the customer using a mobile application or standalone hardware device. The barcode lets the bank securely transfer a message of more than 100 characters that is decoded by the company’s application or hardware device in fractions of a second.

Cronto's developers say the technology provides a secure method for the data to be displayed to the customer for verification in any environment over any unsecured channel. "To combat the level of sophistication poised by Trojan malware, the bank also needs to verify the action that the customer is trying to perform, whether it’s a purchase, a transfer, or a change of address," says Cronto CEO Igor Drokov.

From University of Cambridge
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Abstracts Copyright © 2013 Information Inc., Bethesda, Maryland, USA


 

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