Trusteer

About Trusteer

Trusteer, now a computer security division of IBM, was established in Israel in 2006 by a team of five founders: Mickey Boodaei, Rakesh K. Loonkar, Amit Klein, Shmulik Regev, and Eldan Ben-Haim. The founders, particularly Boodaei and Loonkar, were seasoned entrepreneurs in the cybersecurity sector, having previously been involved with successful ventures like Imperva and later founding Transmit Security. This deep industry experience was pivotal in shaping Trusteer's trajectory.

The company carved a niche in providing endpoint cybercrime prevention solutions, specifically targeting financial fraud and data breaches. Its primary clientele consists of financial institutions, including seven of the top ten US banks and nine of the top ten UK banks at the time of its acquisition. Trusteer's business model centered on licensing its software to these institutions, who would then offer it to their end-users to secure their online banking activities. This strategy proved effective in reducing online fraud for its banking partners.

Trusteer's product suite is designed to block online threats like malware and phishing attacks. A key product, Trusteer Rapport, is an endpoint protection software that defends against man-in-the-browser attacks, removes financial malware, and prevents users from accessing phishing sites. Another significant offering is Trusteer Pinpoint, a cloud-based service that helps financial institutions detect malware, phishing, and account takeover attempts without requiring software installation on the end-user's device. It works by identifying infected devices accessing the institution's web services and alerting the bank. The company's solutions extend to mobile security, aiming to detect and stop account takeovers from mobile devices. In September 2013, IBM acquired Trusteer for a reported sum of up to $1 billion, integrating it into its security division and establishing a cybersecurity software lab in Israel.