PERTH, Australia, April 19, 2019 /PRNewswire-PRWeb/
-- Perth-based Tranwall's transaction security software will
be offered with Foregenix's Managed Detection and Response (MDR)
and Threat Sweep. Both services provide security visibility of
business critical assets in a single pane of glass and prevent
advanced targeted attacks with early detection and skilled
response.
Tranwall software will provide a second layer of security to
issuing banks and is used widely by financial institutions in the
Middle East and Africa. It gives banks and their customers
granular control of bank accounts and cards and allows them to lock
down entire BIN ranges to stop certain transaction types such as
international ATM withdrawals and ecommerce payments. Additionally
it offers additional control to the end customer on two-factor
authentication on all customer bank accounts as well as limit
setting to name a few options.
UK headquartered Foregenix, which has an office in Sydney, is a leading global authority on ATM
Cashout fraud through their PCI Forensic Investigations and
Incident Response service. They have worked a significant number of
ATM Cashout incidents in Africa
where the problem is especially acute.
Cashouts have affected regions across the globe, with high
profile attacks including an India-based bank system being accessed through
malware which resulted in over US $13m being stolen and an attack in Japan which saw another US$13m stolen through ATMs in three hours as
14,000 fraudulent withdrawals were made.
Often referred to as the FASTCash Campaign, the attacks can be
by cyber criminals labelled as Hidden Cobra (with strong links to
nation-state attackers from North
Korea) on issuing banks or payment card processors. The
initial access mechanisms are varied but are often through phishing
or unpatched internet-facing systems.
The cyber criminals subsequently exploit the poor architecture
as well as lack of security of internal systems, manipulate limits
or intercept transactions on the backend and use stolen or cloned
cards at ATMs to fraudulently withdraw large amounts of hard cash.
The cashouts are typically performed by associates or 'mules' who
copy and imprint the stolen data on magnetic cards and perform the
physical cash withdrawals in hundreds of locations,
simultaneously.
Andrew Henwood, CEO of Foregenix,
the leading authority on preventing ATM Cashouts comments:
'Tranwall has a fantastic track record, its solutions have reduced
fraud rates by as much as 75% to 95%. We believe our partnership
will be a major new step in tackling the issue of ATM Cashouts for
banks worldwide.'
Haxton Rose, Tranwall's CEO,
comments: 'The relationship enhances the Tranwall product offering
by integrating it with Foregenix's best in class security forensics
and security monitoring products. Together we offer the long-term
benefits of transaction security, threat monitoring and customer
engagement.'
Tranwall's Executive Chairman, Hugh
Warner commented: 'This partnership further establishes the
business as an international FinTech leader in the fight against
fraud.'
http://www.foregenix.com
http://www.tranwall.com
About Foregenix
Foregenix is a leading independent cyber security company with a
focus on keeping the world's payment systems secure. With a decade
of experience in the Payment Card Industry (PCI), it helps
merchants, payment processors, banks and other operators to ensure
they are securing their environments effectively while complying
with industry security standards.
Foregenix works with clients in the Fintech, retail, e-commerce,
hospitality, travel and insurance sectors, as well as banks and
governments globally. Its specialists are drawn from backgrounds
including law enforcement, counterterrorism and digital
security.
Foregenix is headquartered in the UK and has offices in
Brazil, Uruguay, Germany, Singapore, South
Africa and the USA. Its
APAC HQ is in Sydney Australia and
it recently opened a new office in Melbourne.
About Tranwall
Tranwall is a transaction security and card control company. It
provides a 'black box' approach to financial transaction security
and control. Via innovative value-add solutions, Tranwall delivers
to financial service providers real-time transaction control,
enhanced payment security and improved customer engagement.
With the creation of a new office location in London, Tranwall will be at the heart of the
greatest FinTech community in Europe. Tranwall is creating a powerhouse
FinTech leadership team who have been leading the conversations in
payment technology, open banking technology, security technology,
mobile wallets and alternative payment technology. Tranwall is set
to become a leading innovator with new products that are relevant
in today's FinTech conversations:
Firstly, Tranwall Card Control is a current "must have product"
for banks to harden their security and prevent sophisticated card
fraud. Tranwall is a recommended security layer required in the
rapid containment plan to ensure the card schemes do not block
access to their system.
Secondly, user experience is becoming a key differentiator for
the tech savvy customer. Needless to say, Card Control is a feature
that will be expected by new, young customers. Tranwall addresses
this demand with a rapid deployment model, with the added security
benefits not apparent in competitor products.
SOURCE Tranwall