MXI Security to Work with Financial Institutions to Battle Phishing and Identity Theft

First completely portable anti-phishing tool based on the Stealth MXP will help banks restore trust with customers by securing online financial transactions from threats

London, United Kingdom, October 2008 – At RSA Europe, held at the end of October 2008 at the ExCel in London, MXI Security™, the leader in superior managed portable security solutions, announced it is collaborating with financial institutions worldwide to arm its customers with a completely portable anti-phishing tool to combat the threat posed by spear-phishing and man-in-the-middle online security attacks. Targeted attacks to steal personal and business data and financial information are increasing exponentially. According to CIFAS, the UK's fraud prevention service, identity theft was up almost 20 percent in 2006 and 77,500 cases were recorded in 2007. The Home Office estimates that identity fraud, which is the UK’s fastest growing crime, costs the UK economy £1.7 billion a year.

To restore customers’ trust in the institutions with which they do business, MXI Security will work with financial institutions to provide an anti-phishing solution based on the Stealth MXP product family of portable security devices, which are trusted by governments worldwide. The Stealth MXP anti-phishing device secures business-to-consumer and business-to-business financial online transactions by going beyond the strong AES 256-bit hardware-based encryption and strong biometric and password authentication to provide private keys and support for IdenTrust digital certificates along with a secure portable Internet browser and token interface in a trusted FIPS 140-2 Level 2 validated hardware device and USB flash drive.

“Business and technology have advanced to the point that, for the first time, the personal portable security device can achieve its full capability to provide consumers and businesses alike the security demanded by governments and financial institutions to protect digital identities, sensitive data, information and applications,” said Lawrence Reusing, CEO of MXI Security. “Adding digital signature capability to a completely portable and secure storage device, like the Stealth MXP, benefits anyone wanting to protect online transactions.” The Stealth MXP has been certified to be part of the IdenTrust global identity network, which means its IdenTrust compliant signing interfaces can create legally binding digital signatures across all identity-enabled applications and accepted in 172 countries.

MXI Security Stealth MXP portable security device allows zero reliance on a personal computer-based footprint. Consumers and businesses can have a completely portable and secure experience that can be used with virtually any system connected to the Internet.

In addition, the Stealth MXP has biometric authentication capabilities to unlock secure access to applications and digital credentials to support multiple purposes – whether it’s authenticating onto e-banking, digitally signing a payment authorization, and securing a personal email communication to a financial advisor, among other possibilities. Re-authentication can be enforced when a transaction is performed, ensuring that the person performing the transaction is authorized to carry it out.

“People have trust in financial institutions – however, the threat comes from criminals that use the Internet to steal their passwords, account information and their money,” said Reusing. “With this device, the Stealth MXP will not only protect identities, it will prevent fraudulent transactions by cyber criminals.”

Source: MXI Security