The 41st Parameter Announces New Technology to Detect
‘Man-In-The-Middle’ Online Fraud Attacks
Patent-Pending SafeSession™ Helps Banks Meet FFIEC Guidance by Securing Online Banking Sessions While Protecting Consumers from Internet Fraud and Identity Theft
SCOTTSDALE, Ariz. – April 21, 2006 – The 41st Parameter, a leader in covert fraud detection and prevention for the online channel, today announced the release of its latest patent-pending technology, SafeSession™, which effectively detects “man-in-the-middle” Internet fraud schemes where perpetrators invisibly take over and continue a consumer’s online banking session. Available as part of the Company’s core fraud platform, the technology forensically differentiates a legitimate online banking customer from anyone else who takes over the banking session from an unrecognized device. Once the online session is breached by the unrecognized device, the financial institution can immediately monitor account activity, contain any associated losses and detect any other session intrusions by the same device.
“Man-in-the-middle attacks represent a potent long term challenge to financial institutions’ online defenses,” commented Gwenn Bézard, research director at industry analyst firm Aite Group. “Financial institutions should seriously consider this threat as they invest in new online authentication and fraud detection capabilities.”
The Company’s core fraud platform which supports both of its primary offerings (PhishingNet™ and FraudNet™) delivers detection capabilities that are completely transparent to end users and therefore do not require any registration or action on the part of the consumer. Additionally, the technologies do not leave files or place anything on the end-user computer (i.e. cookies or Flash objects, which can be disabled or deleted), do not require any additional hardware or infrastructure, and also do not impede the online experience or transaction time in any way. This invisible approach to online security has direct benefits to financial institutions, giving them the ability to:
- monitor online activity for fraudulent behavior without revealing to perpetrators what is being detected, thus preventing reverse engineering of the security measure;
- quickly identify all accounts a single perpetrator compromises in order to contain the immediate threat and mitigate losses;
- avoid the need for ongoing consumer education, thus preventing potential spikes in call center volumes and associated costs; and
- gain unprecedented fraud detection accuracy rates resulting in fewer false positives.
“Invisible security is the perfect solution for the man-in-the-middle attack, as it is with protecting other aspects of the online channel,” commented Ori Eisen, founder and CEO of The 41st Parameter. “Although there is no silver bullet to fighting online fraud, institutions are recognizing the inherent value of our PC fingerprinting capabilities and the unparalleled effectiveness of covert detection to protect the Internet channel.”
About The 41st Parameter
As the pioneer of covert, online fraud detection and prevention technologies, The 41st Parameter offers highly accurate, non-intrusive fraud control measures for the online channel. By continuously collecting new and unique parameters from end-user computers during online account access, the Company’s patent-pending technologies enable forensic identification of devices to monitor suspicious or fraudulent account activity and help protect sensitive customer data. The 41st Parameter’s products have “zero imposition,” requiring no action or behavior change on the part of the consumer. For more information, please visit www.the41.com.
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