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.'
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
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
