SAN FRANCISCO, CA and SUNNYVALE, CA--(Marketwire - Jun 26, 2012) - Presidio Bank, an innovative San Francisco business bank, is increasing protection for its clients against threats from cyber thieves targeting ACH, wire transfers and online banking. Industry analyst firm Gartner, Inc. estimates that cyber criminals have stolen more than $3 billion from banks, business and municipalities in the U.S. using financial malware. The bank will offer its clients IronKey Trusted Access, the award-winning solution that helps prevent identity theft, online account takeover, and payments fraud. By combining Trusted Access with their competitive product offering, Presidio Bank was selected as the winner of the Innovative Community Bank of the Year award by the Western Independent Bankers Association.
Trusted Access also allows the bank to meet and exceed the new Federal Financial Institutions Examinations Council (FFIEC) guidance, with which all financial institutions must comply in 2012 to reduce the risk of online banking fraud.
"Trusted Access helps us protect our commercial clients at the point most vulnerable to malware attacks -- the customer's own PC. Its innovative approach to online security is highly valued in our tech-savvy San Francisco market, where clients are aware of online banking fraud risks and selecting financial institutions that are proactively offering the latest technology to protect their assets," said Fred Bailard, EVP at Presidio Bank. "Trusted Access strengthens the bank's growth strategy to be a banking technology leader."
According to real-time research from SpyEye Tracker1, today's anti-malware software fails to detect crimeware at least 75 percent of time. The Anti-Phishing Working Group (APWG) estimates that 39 percent of all computers are infected with financial malware designed to steal personal and account information. As a result, online banking account takeovers are growing at a rate of 150 percent each year, based on research published by FS-ISAC (Financial Services Information Sharing and Analysis Center).
Unlike other approaches, Trusted Access protects online banking even if a client's computer is infected with the latest zero-day attack that would go undetected by anti-virus and other technologies. The platform provides multiple layers of security by integrating cloud-based network services and software that can be downloaded or run from a secure USB device. When a bank client starts Trusted Access, it launches a protected, virtualized operating system and Web browser that is invulnerable to crimeware on the PC. The secure browser only works with IronKey's Trusted Network and bank-approved sites. Gartner recognizes secure browsing as a critical security control for preventing online banking fraud.
"By using IronKey Trusted Access, Presidio Bank is giving its clients a secure online banking solution that is recognized by new federal guidelines as an effective means to prevent online banking fraud," said Dave Jevans, CTO and founder of IronKey. "The bank is also being proactive by instituting Trusted Access as the security front-end for other new Web-based services, enabling them to aggressively expand their use of the online channel with confidence their clients are protected."
Trusted Access is a combination of software and cloud-based network services. The software is either downloaded or runs from a secure USB device. More information about IronKey's Trusted Access Platform and downloadable secure browser is available online. For more information about Presidio Bank and their Trusted Access offering, visit www.PresidioBank.com or call 1-415-229-8402.
About Presidio Bank
Presidio Bank provides business banking services to small and mid-size businesses, including professional service firms, real estate developers and investors, and not-for-profit organizations, who desire personalized, responsive service with access to local decision makers. Presidio Bank offers clients the resources of a large bank combined with the personalized services of a neighborhood bank. Presidio Bank is headquartered in San Francisco, California and currently operates four commercial banking offices in San Francisco, Walnut Creek, San Rafael and Palo Alto. More information is available at www.presidiobank.com. Presidio Bank is a member of the FDIC and an Equal Housing Lender.
IronKey's award-winning Trusted Access helps financial institutions reduce the risk of online fraud, achieve compliance with Federal Financial Institutions Examination Council (FFIEC) guidelines, and acquire new clients with a competitive advantage. More than 70 financial institutions secure their brands and billions in customer online payments with IronKey.
Ranked as the 14th best venture-funded company in The Wall Street Journal's "Next Big Thing," IronKey cloud-based services power Trusted Access and partner solutions, including Imation secure storage devices. IronKey is freeing enterprises from the high cost, risk and complexity of managing the extended enterprise. IronKey cloud services are used daily by over 3,000 enterprises to manage online access and data for over one million users. Visit www.IronKey.com for more information.
Watch Trusted Access in Action: Crimeware Attacks Defeated guided demonstration.
"Protecting Online Banking Customers from Evolving Cyber Crime Threats" -- webcast explains the latest bank phishing attacks, the ZeuS Trojan and SpyEye, and why anti-virus software, firewalls and other conventional safeguards are not able to stop these attacks.
1 SpyEye Tracker, September 9, 2011, https://spyeyetracker.abuse.ch/