Microsoft Straps up with NACHA to Fight Fraud

  • Identity Theft, Internet 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 authentication provider, look into integrated one into your security measures today.

[Contributed by, EVS Marketing]