THE Nelson Mandela Metro- politan University (NMMU) has developed a technological device it believes could halt internet banking fraud. The innovation, called Next Generation Internet Banking (N-GIB), was developed by researchers at the school of information and communication technology.
N-GIB uses a 3G-enabled USB stick that reboots a computer as soon as it is inserted to create a cleaner environment.
The USB stick can be encrypted with personal banking information and takes a user to a bank’s internet banking website page when you plug it in.
Professor Rossouw van Solms said they started the project because internet banking fraud in the country was getting out of control.
“When someone accesses your account, the banks always say their systems are safe and it is the users that compromise their user IDs, and the cellphone companies say it’s not really their problem.
“They don’t give you your money back unless you kick up a fuss or are a high- profile person.”
Van Solms said in creating the technology they identified vulnerabilities that lead to internet banking fraud, including phishing, key loggers and unsafe malware.
“We wanted to eliminate these issues and created an operating system for banking only that boots your computer up in a safe environment.
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