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TrustDefender raises $16m for global expansion, to combat increased online crime

Written by Andreas Baumhof Tuesday, 16 March 2010 01:00

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Following an AUD $16m investment by Nexbis Ltd (ASX: NBS), Australian based company TrustDefender has embarked upon a strategic initiative.

 

To bring its ‘revolutionary real-time risk based online transaction security solutions’ to a market which is increasingly under sophisticated waves of crimeware attack.

The funding will be used to expand sales, marketing and delivery operations in Europe and North America where online crime is continuing to grow exponentially.

“According to the FBI, online fraud has increased over 100% between 2008 and 2009(1) in the USA alone. Our goal is to drive increased confidence in online transactions, protect people’s identities and reduce the cost of doing business online, said Ted Egan, CEO of TrustDefender.

The successful investment will allow TrustDefender to execute a growing number of projects in Tier 1 and Tier 2 financial institutions, businesses, Governments and banks to strengthen its already world-beating product lines. The round was led by UK based Anthem Corporate Finance (2).

“The Internet is an extremely valuable customer service tool and sales channel, especially for consumer facing companies, yet is being threatened by the ever increasing sophistication of crimeware,” said Johann Young, CEO of Nexbis. “TrustDefender has developed an unparalleled solution that insulates online transactions from malicious software. The market opportunity for this technology is significant, and spans financial services, Government, retail and consumer markets. The prospects for TrustDefender are extremely bright.”

A recent report by Gartner illustrates the risks of today’s malicious software and warns how hackers are defeating tough authentication(3). The report supports the technology and solutions, which TrustDefender has used for several years, to fill the crimeware security gap. Gartner highlight a crucial point, “Fraudsters have been raiding user bank accounts that seemingly were protected by strong two-factor authentication, but any sensitive Web application is similarly vulnerable.”(3)

Unique benefits of the TrustDefender Technology:

  • Revolutionary new approach to endpoint security through ‘memory forensics’
  • Real-time risk based technology wraps security around the existing authentication, transaction and traditional anti-virus/fraud detection security solutions at both the consumer and back end
  • Ability to deal with any deficiency on the server side and the ability to proactively secure users, regardless of the already existent malicious software on an end-user’s machine
  • Simultaneously addresses the missing points of real-time security health status reported to the end-user and the financial institution
  • Independent of the web browsers where ‘man-in-the middle’ attacks often occur due to weaknesses in the browser technology

Ted Egan concludes, “securing a major investment coming out of tough economic conditions and striking an excellent strategic partnership with Nexbis, who share our goals, is testament to the strength of our technology, our management team, and the huge market opportunity that defeating cybercrime represents.”