Tuesday, 21 November 2017

One in 20 banking customer devices infected with malware

Minded Security
Friday 13 February 15

Software security company Minded Security is launching in the UK to combat hidden banking threats and protect banks against malware-based fraud with the Agentless anti-Malware Technology (AMT) Banking Malware Detector. Minded Security research shows that on any given day at least 5 per cent of the devices used by customers of major European banks are infected with malware…

Software security company Minded Security is launching in the UK to combat hidden banking threats and protect banks against malware-based fraud with the Agentless anti-Malware Technology (AMT) Banking Malware Detector.

Minded Security research shows that on any given day at least 5 per cent of the devices used by customers of major European banks are infected with malware. 3 per cent is unwanted adware, 1.5 per cent is spyware, and 0.5 per cent is banking malware - used to steal customer data and take over accounts. This leaves customers at risk of a security breach and banks facing penalties from financial regulators for failing to protect customer data and accounts.

Unlike other solutions on the market, AMT Banking Malware Detector proactively detects both known and previously unknown strains of banking malware; uses threat modelling to identify risk levels and alerts fraud managers in real-time - so transactions can be monitored or blocked, and malicious transactions can be managed.

Minded Security is also introducing DOMInatorPro to the UK market. DOMinatorPro enables companies to identify and reduce the risk of vulnerabilities in the JavaScript code running on customers’ browsers. These vulnerabilities are notoriously difficult to detect – manually, or with most off-the-shelf scanners. The company also provides software security consulting; training for software developers and technical managers; vulnerability testing, and mobile security assessments

Marco Morana, managing director of Minded Security UK, and SVP of risk and controls for Citi Bank London noted that from his personal perspective, “Banking malware is constantly evolving, and escalating in sophistication, typical authentication and monitoring tools simply don’t stand up against these new threats. The financial sector needs to deploy anti-malware technology that is effective at detecting and identifying the risks associated with both known, and unknown malware threats. Minded Security aims to help manage and mitigate these hard-to-find threats.”

Minded Security’s work is underpinned by research and years of work with organisations of all sizes, across a range of sectors including government, telecoms, retail, banking and finance.”

Minded Security is known for its contribution to the software security community. Members of the management team have led flagship Open Web Application Security Project (OWASP) initiatives including the Security Testing Guide and the Application Security Guide for Chief Information Security Officers (CISOs).


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