The rise of sophisticated online banking attacks, defeating two-factor authentication via identity theft, is the driver behind the Australian-based BankVault security system.

Online banking users are vulnerable to malware which sneaks onto their computer and lurks in the background, waiting to steal passwords and other sensitive information. In an effort to bypass this risk, BankVault requires users to reboot their computer from a USB stick running a hardened version of Linux.

Graeme Speak is behind the Australian based Bank Vault online security system. Credit:Steven Siewert

Rather than accessing their online banking from Linux, from here users log into the online BankVault which launches a one-time fresh virtual desktop. From this cloud-based desktop they launch a browser to log into their bank's website. Once they're done, the virtual desktop is deleted.

These precautions might seem like overkill considering the widespread adoption of two-factor authentication, which requires online banking users to enter both their password and a one-time code – typically sent to their phone via SMS. Unfortunately determined hackers are still cleaning out business bank accounts, says BankVault founder Graeme Speak.