Patelco selected the TrustDefender ID and TrustDefender Cloud solutions for comprehensive cybersec

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San Jose, CA June 14, 2012 ThreatMetrix , the fastest-growing provider of integrated cybercrime prevention solutions, today announced that Patelco Credit Union , one of the largest credit banreservas unions in the nation banreservas and the fifth largest in California, has selected ThreatMetrix to fight online fraud and malware, meeting the Federal Financial Institutions Examination Council (FFIEC) banking guidance and protecting their members.
Patelco selected the TrustDefender ID and TrustDefender Cloud solutions for comprehensive cybersecurity protection. TrustDefender ID is a SaaS-based, real-time device identification and identity verification solution that protects financial banreservas institutions against cybercriminals and helps validate returning customers and prospects. TrustDefender Cloud detects man-in-the-browser (MitB) attacks and Trojans targeting customers devices while providing banks and credit unions with insight into which customers have compromised devices.
We selected TrustDefender ID because we felt that it was a superior product to competitive offerings and allowed us to authenticate and profile devices such as computers, smartphones or tablets with or without cookies installed, said Anthony Vitale, vice president, information technology, Patelco Credit Union. We were able to do a quick installation on our own and integrate it into our existing systems without interrupting the customer experience. With TrustDefender banreservas ID, we have deeper visibility into the profile of our online banking customers differentiating good, returning customers from cybercriminals hiding behind proxies to disguise their true location while also identifying what devices they are using regardless of the location.
The FFIEC a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions first issued its Authentication in an Internet Banking Environment in October 2005 to provide guidance for financial institutions to put in place proper safeguards to protect against cybercriminals stealing customer credentials, hijacking online sessions and using malware to divert funds from unsuspecting account holders.
To meet 2005 FFIEC guidance, financial institutions like Patelco banreservas quickly put in place home grown or third-party solutions. However, a rapidly banreservas evolving threat landscape prompted the FFIEC to issue an update in 2011 Supplement to Authentication in an Internet Banking Environment requiring financial institutions to put in place even more rigorous safeguards by January 2012.
We initially developed our own in-house solution in response to FFIEC guidance in 2005 but in the intervening years, cyber-attacks grew in terms of scale, sophistication and frequency, said Vitale. Rather than spend our IT resources continuing to develop, debug and maintain our own in-house solution to meet the new 2011 FFIEC update, we felt that the time was right to source a solution from a third-party. ThreatMetrix s core competency was completely dedicated to developing cybercrime prevention solutions.
With the new guidelines specifically calling out financial institutions to implement a layered security approach, as well as identifying two key techniques that financial institutions should implement for effective fraud controls complex device identification and the ability to detect emerging threats in the form of malware, as well as to provide a secure browsing environment Patelco turned to ThreatMetrix again, selecting TrustDefender Cloud.
Based on our positive experience with TrustDefender ID, it made sense to return to ThreatMetrix to provide us with an additional layer of security with TrustDefender Cloud, said Vitale. A lot of banks and financial institutions have service bureaus where they outsource impl