Cybersecurity company Foregenix has teamed up with Australian payment card security company Tranwall to combat the rise of global ATM cashout fraud.
Tranwall will gain access to the Foregenix Managed Detection and Response and Threat Sweep services. These will give the company improve security visibility into business-critical assets and improve prevention of targeted attacks through early detection and skilled responses.
Financial institutions can use Tranwall to give their customers more control over their bank accounts and cards. Customers can simply use their mobile phone and either enable or disable specific transaction types, such as international ATM withdrawals or commerce payments.
UK-based Foregenix uses PCI Forensic Investigations and Incident Response services to combat ATM Cashout fraud around the world.
These Cashout fraud attacks are typically conducted due to a lack of strong internal security systems and enable criminals to manipulate spend limits or intercept transactions. They are also able to use stolen or cloned cards at ATMs to withdraw large amounts of cash. These are typically conducted by a large group of associates which use the stolen data on magnetic cards and withdraw cash from multiple locations simultaneously.
Foregenix CEO Andrew Henwood said, “Tranwall has a fantastic track record, its solutions have reduced fraud reduction rates by as much as 75% to 95%. We believe our partnership will be a major new step in tackling the issue of ATM Cashouts for banks worldwide.”
Helping both the private and public sector, Foregenix aims to help ensure the security of payment systems around the world. Its tools include website malware scanning, penetration testing, managed detection and response, digital forensics, incident response, website security and end-point compliance. Its services can help organisations meet PCI, PA, PIN, and P2PE compliance.
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