News Column

Mobile Banking is Completely Insecure: SnoopWall Launches PrivacyShield™ To Fix This Problem

September 9, 2014



By a News Reporter-Staff News Editor at Information Technology Newsweekly -- SnoopWall (www.snoopwall.com), the world's first counterveillance security software company, announces the launch of Privacy Shield™, a powerful patent-pending counterveillance engine designed to shield your financial application from eavesdropping by malicious apps on your device and from cybercriminals in close proximity intercepting the transmission of sensitive information.

"While banks want to give customers an online banking experience, it's not secure. Imagine standing in front of an ATM surrounded by criminals (malicious apps) who can see everything you do and they will hold you at gunpoint and take your wallet and one day drain or empty your account," said Gary Miliefsky, CEO of SnoopWall.

With nearly $100 billion in Identity Theft in the USA in the last 4 years, of which last year accounted for almost $25 billion, alone, (source: U.S. Department of Justice, Javelin Strategy & Research), it is evident that current methods of providing security for sensitive information like encryption and multi-factor authentication are not working.

"We designed Privacy Shield to solve this problem and create a real-world ATM-like experience from your mobile device - private, safe and secure," said Mark Laich, VP of Sales, SnoopWall.

According to SnoopWall's work with over 100 credit unions through their early integration of PrivacyShield™ into http://www.cumobileapps.com in recent months, SnoopWall discovered and protects against several flaws in online banking applications which allow spoofing, eavesdropping and stealing of passwords, location, scanned check deposits, bank account and routing information, names and addresses.

The SnoopWall's Privacy Shield™ can easily be embedded in any financial application such as mobile banking, mobile payment, or mobile wallet applications, and provide a 'trusted connection' so that information such as passwords or account numbers can be transmitted securely. SnoopWall's Privacy Shield technology works where antivirus, firewall, encryption and multi-factor authentication fail because criminals can't steal what they can't access. Privacy Shield™ will give banks a competitive advantage by giving their customers peace of mind when using their competitive, thereby increasing customer loyalty, decreasing operational costs, and reducing liability associated with financial fraud. To learn more about Privacy Shield, visit http://privacyshield.snoopwall.com or email privacyshield@snoopwall.com.

Keywords for this news article include: Information Technology, Information and Data Encoding and Encryption, Legal Issues, SnoopWall, SnoopWall Llc.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC


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Source: Information Technology Newsweekly


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