Cyber-security, cloud-based, software provider is bought out by corporate giant for nearly 1 billion USD.
Trusteer, anti-fraud software provider to 400 banks and financial organizations (HSBC, RBS and Merill Lynch: three of the biggest names on the list) has been bought out by IBM, who plans to establish an Israel-based research laboratory for data security innovation, with particular focus on mobile devices.
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Mickey Boodaei, Trusteer’s chief executive, who founded the company in 2006, together with Shlomo Kramer and other US investors, talks to TheMarker about Trusteer: “We built our name based on our ability to support large financial organizations that have millions if not tens of millions of fraud attempts a year…We helped them minimize online fraud.”
Trusteer’s technology against malware is one particular area of cyber-fraud that has attracted banking clients who have lost a hefty sum to attackers who gain entry to end-user computers and subsequently steal funds from banking profiles: “The moment we understood the problem and the limitations of existing solutions, we built a unique system to identify attacks,” explained Boodaei.
With reported numbers for mobile payment showing steady growth and increasing potential: like the fact that 244.4 million mobile phones have been sold in China so far this year, 91% of which being smartphones and the predicted rise in UK mobile banking transactions, anti-fraud solutions for mobile phones – which marks the future output of Trusteer brainpower – will surely be the number one security demand in the payment industry. IBM’s procurement, thus, suggests interesting potential for industry penetration and possibly even, unlimited success.