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Leaders from Microsoft, FS-ISAC, and NACHA Headline General Session at PAYMENTS 2012
Session at NACHA’s Annual Conference Assembles Key Players in Joint Operation Undertaken by Microsoft and the Financial Industry to Combat Cybercrime
BALTIMORE, Md., April 30, 2012 – Today at its annual PAYMENTS conference, NACHA – The Electronic Payments Association will assemble the pivotal participants in the coordinated action undertaken by Microsoft and the financial services industry to combat the cybercriminal activity fueling online fraud and identity theft. The recent operation targeted some of the most harmful botnets using the Zeus family of malware worldwide.
Together and speaking publicly for the first time since the takedown, Richard Boscovich, senior attorney for Microsoft Corporation; William B. Nelson, president and CEO of FS-ISAC; and Janet O. Estep, president and CEO of NACHA will headline the panel-style session, moderated by Greg Garcia, Internet Security Advisor and former DHS Assistant Secretary for Cyber Security and Communications. During the session, panelists will detail the specifics of how the partnership transpired and how the operation was conducted. In addition, they will discuss the significance and impact of this effort, preliminary results, and its importance to the financial services industry.
“To help reduce potential future fraud and retain confidence in electronic payments systems, it was important that NACHA engage in this direct action to fight cybercrime,” said Janet O. Estep, president and CEO of NACHA. “This year’s ‘Industry Agenda’ will provide attendees with an inside look at this unprecedented, cross-industry action that disrupted some of the most harmful botnets known to be responsible for perpetuating fraudulent financial activity.”
Building on the success of its previous botnet takedown operations, Microsoft joined forces with FS-ISAC, NACHA, and other financial services industry representatives, in addition to Kyrus Tech, Inc., to execute a global takedown of the botnets using Zeus malware. Once a computer is infected by Zeus malware, the malware can monitor online activities and record keystrokes during visits to financial institutions or ecommerce sites. With this information, cybercriminals can steal personal data and make fraudulent purchases or access private accounts. Evidence and intelligence gained through the operation by Microsoft will be used to help rescue people’s computers from the control of Zeus, as well as in an ongoing effort to undermine the cybercriminal organization and help hold those responsible accountable for their actions.
“To be successful, financial institutions and businesses must continue to find ways to collaborate and share information, follow sound business practices, and educate other businesses and consumers on how to best protect themselves from cybercrime.” said Estep.
This session, the PAYMENTS 2012 “Industry Agenda,” will take place today, from 2:45 to 3:45 p.m. in the Ballroom of the Baltimore Convention Center. For more information about this session or any other session at PAYMENTS 2012, visit http://payments.nacha.org.
About PAYMENTS 2012
PAYMENTS 2012, taking place April 29 – May 2 at the Baltimore Convention Center in Baltimore, MD, features more than 135 educational sessions and workshops with renowned speakers from financial institutions, companies, government agencies, legal and regulatory bodies, consulting and research firms, service providers, and more. Sessions are organized along eight tracks — Automated Clearing House (ACH), card solutions, corporate payment solutions, global focus, healthcare opportunities, mobile banking and payments, risk & compliance, and payments biz – to address the topics of pivotal importance to payments professionals. Conference threads weave hot topics across tracks and emphasize the most significant developments in legal/regulatory, corporate account takeover, remote deposit capture/remotely created checks, community banks/small business/local government opportunities, and NACHA Operating Rules and initiatives. In addition, a dynamic exhibit of nearly 100 industry leaders features today’s top products and services.
To learn more about PAYMENTS 2012 sessions, workshops, speakers, sponsors, and exhibitors, or to register, visit https://payments.nacha.org.
NACHA — The Electronic Payments Association
NACHA manages the development, administration, and governance of the ACH Network, the backbone for the electronic movement of money and data. The ACH Network provides a safe, secure, and reliable network for direct account-to-account consumer, business, and government payments. Annually, it facilitates billions of Direct Deposit via ACH and Direct Payment via ACH transactions. Used by all types of financial institutions, the ACH Network is governed by the fair and equitable NACHA Operating Rules, which guide risk management and create payment certainty for all participants. As a not-for-profit association, NACHA represents more than 10,000 financial institutions via 17 regional payments associations and direct membership. Through its industry councils and forums, NACHA brings together payments system stakeholders to foster dialogue and innovation to strengthen the ACH Network. To learn more, please visit www.nacha.org, www.electronicpayments.org, www.payitgreen.org, and http://direct.nacha.org.