The Story of BankVault
The internet allows for community and connection in never-before-been-seen ways. It also allows for even colder forms of theft and criminality. A successful business now has to worry about the criminal agenda of well-funded gangs operating 10s of 1000s of miles away in remote, hard to police parts of Russia and western China.
This is the fundamental inequality that BankVault seeks to balance. And, like so many other great products that came before it, BankVault begins with a story. Specifically, a news story.
Three years ago a headline read, ‘Escrow Firm Attacked By Cyber Thieves By Banking Trojan Loses $900,000.’ The story went on to describe how one of the employees of this escrow company had clicked on an innocent-looking email, purportedly from someone else at the office, which (the investigation later determined) installed malware in the form of a banking Trojan into the employee’s system. A short while later, two large wire transfers were initiated that sent $600,000 and $500,000 to a series of banks in Western China. The bank was able to recall approximately $200,000 of the money, but the rest was lost. Later, a court ruled the heist was the escrow firm’s fault. That firm went bankrupt and remains out of business.
The CEO and founder of our parent company, ‘GoPC’ saw the story and was struck by the fact that if that business had been using GoPC’s, cloud-based, virtual desktop product that theft might not have happened. Then, he had an idea.
Using GoPC’s core technology the GoPC engineering team then created an even more secure version of GoPC that linked a special USB key to a specific Windows machine that was, essentially, rebuilt to get the user to the new BankVault cloud. We called it, ‘Rainmaker.’
A Patent application was filed. The technology was recognized by Rackspace and earned a video interview and profile from Robert Scoble in San Francisco. Robert is Rackspace’s technology evangelist with some 4,000,000 followers. This led to large distribution opportunities with potential channel partners in the US, Asia, Europe and Australia with each providing millions of potential customers.
In July 2014, we launched a cut-down version of Rainmaker called Raindrop to protect consumers banking identity when using shared or untrusted PCs. It initially targeted 250,000 people (5% of the total population) of Denmark who still use Windows XP and no longer had secure online banking.
In early 2015 we launched an updated version of Raindrop and renamed it BankVault. Businesses of all sizes now are using it throughout Australia. We have just launched an effort to bring BankVault to the USA.
In June 2016, our Australian company beat startups from all around the world and was awarded the best FinTech startup in the world by Silicon Valley Forum. This prestigious event took place at Microsoft’s Silicon Valley Campus.
We are driven by a simple vision. Our mission expresses the means through which we’ll attain our vision. Our values explain how we’ll act on the way.