Welcome!

News Feed Item

Banking Websites Pose Easy Target for Malicious WIFI Hotspots

AACHEN, GERMANY and BOSTON, MA -- (Marketwired) -- 05/29/14 -- Recent studies in the Netherlands showed that consumers who are sending Internet banking transactions through a malicious WIFI hotspot could be easily manipulated if the SSL security is switched off during communication. For only $100 cyber criminals can buy a malicious WIFI router, which will give them access to any data sent through the hotspot in order to intercept passwords and to manipulate payment transactions.

Today every large city has hundreds of WIFI hotspots available, free to access and easy to use but it's very difficult or even impossible to identify whether a WIFI hotspot is malicious or not. To solve the problem of disabling the SSL security, most Dutch banks and web browsers are now supporting the new HTTP Strict Transport Security (HSTS) protocol to ensure that the communication security between the consumer and the bank is guaranteed. The problem however is that not all browsers, like the current Microsoft Internet Explorer version, are supporting the new web security standard.

The security leak is very serious according to SecureLabs, a Dutch security company that has tested the security of Dutch banking websites using a malicious WIFI hotspot. The risk heightens especially when using Microsoft IE or any other outdated Internet browser. As long as all online banking websites and browser vendors are not embracing the new security standard, the SSL web security can be easily bypassed with a cheap and easily assessable WIFI hotspot.

Several Dutch banks have now implemented fraud detection technology from INFORM GmbH to avoid this problem. With RiskShield, INFORM GmbH offers a real-time fraud detection solution that monitors transaction details and web anomalies to identify unusual behavior when payments are processed through hotspots.

"Most of the larger banks in the Netherlands are using RiskShield to protect them from fraudulent payments. With RiskShield we provide them the tools to respond quickly to the new modus operandi of cyber criminals. The new cyber threat is a good example of how critical it is for banks to be able to quickly react to new types of threats. It allows them to easily adapt the detection rules in a short timeframe and without any IT involvement. Banking websites are not the only targets. Any other online merchants like airlines or web shops are vulnerable to these cyber hacks," says Stanley Harmsen van der Vliet, Product Marketing Manager of INFORM GmbH.

For more information about RiskShield, please visit our website at www.riskshield.com or call us at +49 2408 9456 5000.

About INFORM GmbH

INFORM develops and markets software systems to optimize business processes on the basis of operations research and fuzzy logic. Using these two technologies, INFORM is able to develop software systems that "think" and can make intelligent decisions. The benefits for users are better on-time delivery performance, lower costs and a significant competitive advantage.

More than 1000 companies worldwide benefit from advanced optimization software systems by INFORM in industries such as transport logistics, airport resource management, production planning, financial crime risk management and insurance claims handling optimization. INFORM employs over 500 staff from more than 30 countries.

Contact RiskShield
INFORM GmbH
Caroline Lenkitsch
Risk & Fraud Division
Pascalstrasse 23, 52076 Aachen, Germany
Phone: +49 2408-9456-5000
E-Mail: Email Contact

Contact INFORM Communications
INFORM GmbH
Sabine Walter
Pascalstrasse 23, 52076 Aachen, Germany
Phone: +49 2408 9456-1233
E-Mail: Email Contact

US Media Relations Contact
Valerie Harding
Ripple Effect Communications
Phone: 617-429-8628
E-Mail: Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
SYS-CON Events announced today that Tappest will exhibit MooseFS at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. MooseFS is a breakthrough concept in the storage industry. It allows you to secure stored data with either duplication or erasure coding using any server. The newest – 4.0 version of the software enables users to maintain the redundancy level with even 50% less hard drive space required. The software func...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
SYS-CON Events announced today that EARP will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "We are a software house, so we perfectly understand challenges that other software houses face in their projects. We can augment a team, that will work with the same standards and processes as our partners' internal teams. Our teams will deliver the same quality within the required time and budget just as our partn...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that Systena America will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Systena Group has been in business for various software development and verification in Japan, US, ASEAN, and China by utilizing the knowledge we gained from all types of device development for various industries including smartphones (Android/iOS), wireless communication, security technology and IoT serv...
SYS-CON Events announced today that Outscale will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outscale's technology makes an automated and adaptable Cloud available to businesses, supporting them in the most complex IT projects while controlling their operational aspects. You boost your IT infrastructure's reactivity, with request responses that only take a few seconds.
Regardless of what business you’re in, it’s increasingly a software-driven business. Consumers’ rising expectations for connected digital and physical experiences are driving what some are calling the "Customer Experience Challenge.” In his session at @DevOpsSummit at 20th Cloud Expo, Marco Morales, Director of Global Solutions at CollabNet, will discuss how organizations are increasingly adopting a discipline of Value Stream Mapping to ensure that the software they are producing is poised to o...
DevOps at Cloud Expo – being held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real r...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
Interested in leveling up on your Cloud Foundry skills? Join IBM for Cloud Foundry Days on June 7 at Cloud Expo New York at the Javits Center in New York City. Cloud Foundry Days is a free half day educational conference and networking event. Come find out why Cloud Foundry is the industry's fastest-growing and most adopted cloud application platform.
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...