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New Software Heralds Safer Online Banking

Professor Paddy Krishnan from the Bond University School of Information and Technology has developed a secure software application that helps protect against viruses which are designed to hijack users’ information during sensitive transactions such as electronic banking.

In today’s technologically savvy society people are becoming increasingly aware of the threats posed by invisible predators prowling online and through our hard drives.

The Australian Institute for Criminology suggested in a 2004 report that credit card fraud is rife and that up to 25 percent of all internet transactions are fraudulent.

Our personal information, identity and banking security are under threat and we cannot see the culprits coming.

But by using the software that Professor Krishnan has developed, computer users around the world can now have piece of mind regarding the security of their information.

The software called BOSS (Banking on a Secure System) has been designed for the average home user and does not require the installation of any software.

“It is a system in itself,” says Professor Krishnan, “you insert the CD and reboot your computer - this circumvents the possibility of any virus designed to record your data, capturing your transaction information.”

The system could benefit many areas including internet banking, electronic transactions, online share trading, and taxation form lodging to name but a few.

“It is a cost effective, universal applicable solution, which can be customised for a number of purposes, strengthening the link between organisations and their customers,” said Professor Krishnan.

Bond University is currently looking to industry and government to develop partnerships to assist in the wider distribution and application of the software.

Professor Krishnan envisages that governments may be interested in promoting the software for the public-good, while financial institutions may wish to customise the solution to provide an additional protective layer for customers.

“We have received requests from all over the world and 20 CD’s have already been sent out for evaluation, so this is just the beginning” said Professor Krishnan.

Bond University has the BOSS software available on CD for evaluation purposes. 

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