Hi Group !
In response to the Banking Fraud concerns in this group we are pleased
to introduce 'COURBAR' a revloutinary online fraud prevention
technology from EKKAY MAGIC; a company based in India and engaged in
providing Banking Security solutions.
COURBAR is a security solution to guard against day to day fraudulent
transactions in E-Commerce, E-banking and other Net based Business
Financial Transaction such as Account Takeover, Payment Not Received,
Lost or Stolen Credit Cards, Counterfeit and Card Not Present Purchase
etc
We know that Mobile phones today have become virtually a part of our
anatomy. In short, it's hard to separate a man from his phone.
That's almost as tough as separating a man from his money. And when
you combine the two, you have a killer combination.
COURBAR is a powerful tool which exploits this lethal combination to
curb internet as well as database related financial frauds, which has
grown up to become a major menace to today's world. COURBAR intimates
a registered account owner of a Bank regarding the use of his account
or card on his cell phone. Further it collects his/her authentication
based on which the system then allows or denies access to the account.
§ Why the Need for Courbar?
In January 2005, the payment-card industry issued the now-famous PCI
Data Standards. Among the many PCI standards, which apply worldwide to
companies that process payments using Visa, MasterCard, American
Express or Discover cards, was this nugget: "Implement two-factor
authentication for remote-access to the network by employees,
administrators, and third parties."
Later, last October, the Federal Financial Institutions Examination
Council (FFIEC) weighed in on the topic. The FFIEC, which creates the
standards for federal audits of U.S. financial institutions, issued
guidelines stating that "single-factor authentication, as the only
control mechanism" was "inadequate" for Internet-based products and
services such as online banking.
With these two mandates, what was once wishful thinking by hardened
security professionals has now entered boardroom budgeting discussions
across the country. But just what is two-factor authentication?
Security professionals have traditionally defined it this way: choosing
something you know - usually a password - along with either
something you have, such as a cell phone.
The idea behind this approach is that it would be virtually impossible
for a criminal to simultaneously be in possession of two of these types
of authenticators.
§ WHAT RISKS ARE WE ACTUALLY TRYING TO MITIGATE WITH THESE NEW
REGULATIONS?
The standard answer to the first question has been simple: that the
purpose of the second factor of authentication is to compensate for the
weaknesses of the first factor, the password. Weak passwords can be
cracked with free software available on the Internet; they can often be
discovered inside files stored on the network or people's laptops, or
on sticky notes left inside desk drawers; and they can be solicited
through social engineering and phishing e-mails.
These are serious risks that could expose a company to a publicized
security-breach notification, often a multimillion-dollar affair. But
are there other sufficiently effective and cheaper ways to compensate
for weak passwords? You bet there is - COURBAR.
COURBAR curb frauds and lessen fraud management expenses resulting in
more satisfied customers and more secured database & Transaction
Management.
Please find enclosed a power point presentation on COURBAR, for your
perusal.
Should you require any additional information / clarification feel free
to contact me at dipak.RemoveThis@ekkay.org or call personally +91 265 3088455.
I shall be grateful to you if you could please propagate COURBAR
through your columns to bring it to the notice of Banking Professionals
and Cyber security experts around the world.
If so desired we can also provide a demonstration of 'COURBAR' by
simulating an online transaction.
Best regards,
For EKKAY MAGIC
Dipak
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