Microsoft Straps up with NACHA to Fight Fraud

This month Microsoft partnered with multiple industry
organizations including The Electronic
Payments Association
(NACHA) in order to fight cybercrime and ID theft
through electronic payments systems. What caused more than five organizations
and vendors to collaborate towards this common goal? One word – Zeus.
This keylogging malware has been causing the industry troubles for years
including account takeover. In March of this year, Microsoft and their
affiliates took down two IP addresses behind Zeuss command in an effort called
Operation B71. Since 2007, more than 13 million computers have been affected by
Zeus, making it a force not to be ignored. While the operation and efforts all
come in good nature, some experts believe that it is not enough to stop online
fraud in the long term.

One of the largest obstacles that Operation B17
and the industry as a whole faces, is the fact that Zeus is capable of
defeating common methods of ID authentication measure that most financial
institutions enforce. This means that standard fraud prevention procedures may
not be enough to protect you or your company from this malware. As Avivah Litan
stated in an article in Bank Info Security, relying on one approach or solution
is a set up for failure. Companies must fight fire with fire, and find ways to
catch any fraudulent activity before its too late. This is easier said than
done though. Microsoft faces legal roadblocks that may make B17 a bit more
difficult than predicted.

As this becomes a more pressing issue, more organizations
have joined forces to fight against financial fraud. As these big name
companies take on the giant that is affected so many consumers, its important
for smaller companies not to let their guard down. Companies of all shapes and
sizes can fall victim to this type of crime and must learn to protect
themselves against Trojans. Outside security vendors
can help to add an extra level of security to protect against ID theft. If your
company does not have a third party ID
provider, look into integrated one into your security
measures today.

[Contributed by, EVS Marketing]

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