Panda Security for Internet Transaction launched

Panda Security for Internet Transactions is an anti-fraud service for online transactions to protect against identity theft targeting online banks, pay platforms and e-commerce.

This service warns companies when there is a targeted attack through malware and offers the tools to identify and block affected users, thereby reducing the possibility of online fraud.

Panda Security for Internet Transactions is Panda's response to a dramatic increase in online fraud.

Today, more than 40 per cent of new malware is designed for online fraud, and according to a recent study conducted by Gartner, phishing attacks caused only in US alone losses to consumers of US$3.2 billion (GBP1.6bn) in 2007.

This new solution enables banks and businesses with online services to ensure that users launching transactions on their websites are not infected by any malicious code that affects the service.

Banks and pay platforms can see the security status of their users and effectively manage the risk involved in online transactions.

Bankinter, a leader in online banking in Spain, has already implemented this solution to protect clients from the risks of online fraud.

Dominic Hoskins, Country Manager, Panda Security UK, stressed that this service does not just benefit online organisations but also their clients, as this new service will assure that their bank details, passwords and identity information are safe when operating online.

"This is an innovative new service designed to help reduce the risks associated with online transactions across all online payment platforms.

"It will dramatically reduce the possibility of fraudulent operations as this is the only service on the market offering information about the security status of clients ", added Hoskins.

Panda Security for Internet Transactions leverages the benefits of Collective Intelligence, an innovative security model developed by Panda Security.

This system is based on the collection of information concerning malware from the internet community and the automated processing of this data in new, purpose-built data centres.

As the knowledge is accumulated on Panda servers and not on clients' computers, Collective Intelligence rapidly maximises the detection capacity of Panda solutions while reducing clients' bandwidth usage and resource consumption.

The benefits that this service offers organisations include the reduction of online fraud: Panda Security for Internet Transactions provides tools and information to stop fraudulent activity; organisations are rapidly alerted whenever there is a new malware attack targeting their users, and delivered the information needed to respond in time.

organisations will see how malware operates and how they can protect themselves.

They can prevent infected users from accessing their website reducing the effects of online fraud.

Threats to online transactions can also be controlled and managed: this is the only service on the market offering information about a security status of clients (Advanced Customer Device Information).

This can be used by an organisation to create risk profiles, meaning the service can be configured to restrict the permission to carry out transactions to those clients that meet pre-determined security requirements.

It also offers expanding business thanks to improved security: users' lack of confidence in online security is one of the prime reasons for their reticence to use web services.

This tool reduces online fraud and allows companies to offer clients a secure environment for online transactions.

Operating costs are reduced: currently, when users discover that someone has been operating fraudulently using their identity, they claim against the bank or company involved.

Consequently, the bank or company is responsible for the loss and associated costs (compensation, insurance, etc), and has to ensure that the attack is not further exploited to steal from other users.

They have to find the malware responsible for the attack, discover how to block its effects and implement the strategy, and finally, calculate the impact it has had on its users and its business.

This usually takes a minimum of 48 hours; sufficient time for the amount of money lost to increase considerably.

Thanks to Panda Security for Internet Transactions these costs can be dramatically reduced by blocking the attempted fraud in real time.

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