Nedbank takes the fight to cyber scammers

JULY 17, 2015

Nedbank's new big data security tool will help the bank's clients avoid being victims of fraud.

"Nedbank Market Edge makes use of multi factor authentication to secure client data on the platform with the use of Nedbank ID and Approve-it, which has a proven technology aimed at enhancing the security for clients, including fraudulent activities," Josephine Baliah-Coelho, Senior Manager of Strategic Relationships at Nedbank, told Fin24.

The tool allows merchants to utilise big data to gain insights into customer behaviour and limit fraud, especially as a growing number of customers transact online.

"New and existing Nedbank clients will have to create an online profile called Nedbank ID in order to access Market Edge. Once the user created a Nedbank ID, different levels of security filters can be deployed on the data preventing data loss," said Baliah-Coelho.

Cyber criminals are intent on targeting user financial information and security firm Kaspersky Lab demonstrated that almost half of businesses in the e-commerce sector lose financial-related information.

Authentication system

Crooks target people's identities in order to raid bank and other lucrative accounts.

"Through various channels including illicit means they (criminals) can then recreate an identity book or passport and proof of address (everything required by Fica). In essence, enough information to be able to open a bank account, apply for credit, goods and services.  Obviously none of this will be re-paid and the scam is complete," Independent Identity Verification expert Dawid Jacobs told Fin24 recently.

Nedbank has developed its tool specifically to prevent financial fraud through a two-factor authentication system.

"Approve-it is a cellphone-based transaction authentication system that allows clients to authenticate sensitive internet banking transactions from their cellphones. It enables clients to approve the transaction or reject it should they suspect that their profile has been compromised, thereby reducing the risk of fraudulent attacks such as account-hacking and phishing," Baliah-Coelho said.

Online threats have been growing in both scope and sophistication and internet giant Google on Thursday announced improvements to its Safe Browsing Technology that detects harmful or malicious code in the Chrome browser.

"We want to be really clear that Google Safe Browsing's mandate remains unchanged: we’re exclusively focused on protecting users from malware, phishing, unwanted software, and similar harm," wrote Moheeb Abu Rajab and Stephan Somogyi of the Google Safe Browsing Team.

-News24wire