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Fraudsters Go Phishing in a Million-Dollar Hole of Opportunity |
$2,500 |
Author:
Sophie Louvel
Strategy
July, 2004 - Doc # FIN1492
Number of Pages: 17
Subscriptions Covered
ts: Consumer Banking
Overview
This report describes recent trends in email phishing attacks against financial institutions and estimates the impact of email phishing on financial institution fraud losses and customer trust. In addition, we describe and evaluate the many anti-phishing solutions that are available or that are in development to help institutions detect, and eventually, prevent these attacks.
According to Financial Insights research analyst Sophie Louvel, "Email phishing attacks are now daily occurrences for several of the largest financial institutions and their customers. The recent surge in email phishing attacks has created a sense of urgency within financial institutions, large ISPs, security technology providers, law enforcement agencies, and even university research labs. These organizations are now working together to agree on technology solutions and best practices for curbing phishing attacks. Until email authentication standards and new anti-phishing solutions are widely adopted, however, phishing will continue to be a popular identity theft tactic. We estimate that global financial institutions stand to lose up to $400+ million in fraud losses in 2004 due to phishing schemes."
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