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Symantec Announces Symantec Online Fraud Management Solution
SecurityProNews
Staff Writer
2004-09-20
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Symantec today announced the Symantec Online Fraud Management Solution, a comprehensive solution to help financial institutions and online retailers proactively mitigate email fraud.
The Symantec Online Fraud Management Solution enables organizations to protect the reputation of their brand, preserve customer trust in online transactions, and reduce fraud-related customer support and service costs.
"Many financial services companies who depend on the Internet to serve their customers have felt helpless in the face of new threats intent on committing crimes by hijacking their good names to steal from their customers," said Kim Legelis, director of Symantec Industry Solutions. "What makes the Symantec Online Fraud Management Solution so appealing is that it gives companies something they can do today, proactively to prevent and protect their customers from being victimized by blocking those emails from ever reaching their customers."
"U.S. e-commerce has reached an inflection point. If phishing antidotes are not implemented, consumer trust will erode and annual U.S. e-commerce growth will slow," said Avivah Litan, Gartner Research Vice President and Research Director. "Consumers have a right to be nervous. Phishing attacks undermine their confidence in the authenticity of e-mails, threatening their trust in the foundation of Internet-based communications."
Email fraud, or deceptive email designed to defraud the recipient, poses a significant threat to financial companies, e-tailers, and their customers. Through techniques such as brand spoofing and phishing, identity thieves are successfully convincing online consumers to share confidential information, including credit card numbers, PINs, passwords, account numbers, Social Security numbers, and more. According to the Anti-Phishing Working Group (APWG), the number of unique phishing attacks monitored by the APWG rose from 116 in December 2003 to 1,422 in June 2004 -- a 12-fold increase in six months. Moreover, these attacks are expensive; Gartner Research estimates that phishing schemes alone have cost banks US$1.3 billion.
"The Anti-Phishing Working Group has consistently found that the financial services industry is the most targeted sector for phishing attacks, with an average of more than 35 reported unique phishing attacks per company in June 2004," said Peter Cassidy, the Anti-Phishing Working Group's secretary general. "All indications from the field are that the threat continues to grow apace, with new innovations and approaches being developed by phishers appearing seemingly every week."
These fraudulent activities negatively impact the way companies do business with their existing customers and threaten to damage consumer confidence in conducting business online. The Symantec Online Fraud Management Solution provides both institutions and their customers a proactive and holistic solution for reducing the risk of email fraud, which in turn, helps maintain consumer confidence. At the same time, it reduces the financial losses caused by these new fraud crimes.
The Symantec Online Fraud Management Solution provides enterprises a multi-pronged solution for mitigating online fraud. It protects financial institutions and their customers by blocking fraudulent emails from reaching consumers and alerting the company that its customers are under attack. At the same time, the Symantec Online Fraud Management Solution provides customer education, customer desktop security assessment, and customer protection technologies that protect the consumer as well as the enterprise network. In addition, it provides services to share Symantec's online fraud expertise and ensure rapid implementation. By combining Symantec's award-winning technologies and information security knowledge, the Symantec Online Fraud Management Solution enables financial institutions to retain trust and minimize risk while helping consumers avoid becoming victims of online fraud.
The Symantec Online Fraud Management Solution email fraud detection network automatically detects and blocks fraudulent email. Using a probe network and millions of decoy accounts, it attracts and delivers suspicious email to Symantec researchers who analyze the messages, identify fraud attacks, and create and automatically deploy anti-fraud filters to block the fraudulent emails. It also provides alerts to enterprises within minutes so steps can be taken with law enforcement to shut down fraudulent sites and identify perpetrators. Today, this solution provides fraud detection services that can protect more than 300 million email users.
The Symantec Online Fraud Management Solution also safeguards consumers from email fraud through education and protection. Symantec provides financial institutions with a comprehensive yet user-friendly resource center to help consumers understand Internet security threats and assess their specific computer's exposure to these threats. The resource center makes it easy to obtain the security products consumers need to protect against Internet security threats as they transact business online.
Consulting services are also included in the solution to ensure that it meets the needs of individual financial institutions so that they can immediately begin mitigating their fraud exposure.
About the Author:
SecurityProNews is a daily online and email publication focusing on internet security issues.
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