Governance, Risk & Compliance

Governance, Risk & Compliance

September 28, 2012

Royal Group Services Partners with Wontok to Fill the Fraud Loss Prevention Gap

Royal Group Services (RGS), a retail insurance brokerage, has partnered with Wontok, a global cloud and endpoint security company, to help fill the fraud loss prevention gap facing many commercial banking customers.

This new partnership will allow RGS to incorporate Wontok SafeCentral with its new Electronic Funds Transfer Guard Protection Program, which is a great help to protect commercial bank accounts from exposure to fraud loss through cybercrime.

Fund transfer fraud is becoming a serious threat in banks, businesses and financial institutions and protection from this becomes a must to control the growing cybercrime. A recent Computer Security Institute (CSI (News - Alert)) survey found that, on average, survey respondents suffered annual losses of $289,000 due to computer fraud and nearly $500,000 due to financial fraud.

Royal Group Services after a discussion with various vendors finalized on SafeCentral, a one-time install, light-weight application, prevents funds transfer fraud even if the user’s machine is infected with malware.

Robert Halsey, president of Royal Group Services said, "SafeCentral is an excellent product and is the only solution that comes bundled with our program. We believe SafeCentral greatly enhances our product by providing an excellent anti-malware solution to our clients and a safe browser and desktop environment for their commercial account holders."

SafeCentral provides data loss prevention (DLP) that combines impenetrable endpoint protection with secure DNS to ensure that endpoint data cannot be stolen or re-directed. SafeCentral uses patented TSX technology to intercept and interpret over 5,000 discrete Windows commands (from write to disk, to save in RAM (News - Alert) and beyond) and to block all potentially dangerous activities except those processes needed for the transaction.

"SafeCentral is the safest way to go online because unlike traditional filtering solutions we don't rely on definition updates for ongoing protection. SafeCentral is a proactive solution that is as effective against old threats as it is against new ones," said Adam Tegg, CEO of Wontok.

Tegg said that SafeCentral is an important value-added service that banks can provide their commercial banking customers to protect personal identities and intellectual property, while ensuring that their online transactions occur in a malware-free environment.

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Austin 2012, taking place Oct. 2-5, in Austin, TX. Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.

Edited by Brooke Neuman

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