Providing customers with peace of mind when e-banking using the Internet
SITUATION/CHALLENGE - The growth of eCommerce and online banking/investing has fuelled a rapid increase in Internet based criminal activities; focused on stealing consumer identity through different types of crimeware and/or Phishing schemes. Such threats have resulted in multi-billion dollar losses and are starting to retard eCommerce growth. This is an entirely new area of security vulnerabilities for online businesses that are working aggressively to leverage the Internet as a highly efficient and profitable medium of revenue growth.
eMarketer estimates that 30% of adults in the US limit their online purchase to prevent identity theft, 24% of adults in the US limit online banking to prevent identity theft and 32.7 million US adults will not bank online due to security concerns. There has been 1.91billion of eCommerce revenues lost due to online security concerns. Finally, 8.43billion is the total damage nationwide from viruses, phishing and spyware.
Present anti-virus solutions in the market have proven to be ineffective against such security threats. Anti-virus software engages a detection and scanning approach to identify known malware thus it performs badly against zero day attacks. It also cannot detect new malware as it does not have the signature. Scanning for malware can take up a lot of resources and slows down the PC.
Finally, Anti-virus protection has to be globally applied to the whole PC, and is not transaction specific. Therefore, it cannot employ the strongest level of protection during a transaction so as not to compromise usability. There was thus a need to find a new solution that could unobtrusively, yet effectively protect the end-user against such threats and provide the security needed for one to feel safe when performing sensitive transactions online.
Name: Ang Kwang Tat
Title: Managing Director
Company: Advanced Network Technology Laboratories
SOLUTION - We came up with a new software known as Securite that can effectively bridge the gap left by traditional Anti-virus solutions. Securite is a lean network security software that protects computer users from phishing, malware/spyware, key-loggers and hackers from stealing their confidential information and identity during financial transactions like eBanking and Internet shopping.
The Securite solution consists of three components. They are: The Securite Directory Service Provider, the Securite Connection Agent and the Securite Admin Server. These 3 components work together to prevent ID theft, cripple any malicious codes and provide ease of deployment. In addition, the solution is scalable and cost effective.
The key benefit of Securite is that it is totally transparent to the user. It removes the burden of input from the user and works to prevent users from interfacing with malicious content or websites in the first place. It is simple to use – the Securite ‘shield’ icon lights up green when a site has been verified and red when a risk is detected. It is a form of end-point internet transaction security and complements existing anti-virus software rather than replaces them. ANTlab’sSecurite solution delivers advanced anti-malware protection based on a white-list approach, which does not require constant updating of malware signatures and is effective against zero day and man-in-the-middle attacks
ANTlabs started out traditionally as a solutions provider in the business infrastructure space, and over the years, developed a wide range of service provisioning products that enable businesses to offer more services to its customers. The advent of Securite was a logical extension of the vertical reach of its services offerings directly into the last mile - the consumer space. ANTlabs aims to be a key enabler in the provisioning of service-rich and secure Internet experiences across all industries, supported by a deep R&D operation.
Info Security Products Guide
CONCLUSION - ANTlabs Securite is a full featured solution to protect the consumer endpoint computing environment from Phishing, Man-in-the-Middle Attacks, Keylogging, Screen Scrapers, Cross-Site Scripting and other crimeware.
It can be used by financial services companies and retailers who want to provide a trusted online environment for their consumers and grow their Internet based businesses. In addition, it can be used by home users to protect them during sensitive internet transactions.
Cross-site scripting (scripts that bring the user to another site maliciously or by design) and phishing emails will also be prevented. As Securite is lightweight and operate seamlessly with the browser, the end user will not experience any noticeable delay. Users can see the Securite icon which looks like a Shield on the bottom right of the browser, and also the URL bar will be highlighted in colour to show that Securite is active and being protected.
As time goes by, Securite will continue protecting the end user as there is no need to download regular spyware signature updates for Securite to stay effective.
Kwang Tat is the Chief Executive Officer of Advanced Network Technology Laboratories (ANTlabs). In his role, he is responsible for managing the strategy and direction of ANTlabs globally.
Kwang Tat possesses extensive knowledge of the wireless broadband and network security market and an impressive business background. His experience in strategic development and management play a vital role in expanding ANTlabs presence and operations across Asia, the U.S. and Europe.
Kwang Tat founded ANTlabs in 1999 as a startup focusing on broadband technology and network security solutions. Since then, the company has secured SGD$8 million of venture capital funding in 2 rounds of funding in 2001 and 2004. Today, ANTlabs is headquartered in Singapore and has branch offices in Malaysia and China, and reseller networks in US, Europe, Middle East and Asia.
Kwang Tat graduated from the Department of Information Systems and Computer Science (NUS) in 1996 with a Bachelor of Science degree and went on to complete his Honours (1st Class) degree and Accelerated Masters Degree in 1997 and 1998 respectively.
Advanced Network Technology Laboratories Pte Ltd
1 Syed Alwi Road
#03-01 Song Lin Building
Singapore 207628
Tel: +65-6858-6789
