Financial Services Industry

Brand-based attacks have expanded beyond phishing—protection strategies need to follow suit

According to industry anti-phishing consortium APWG, during the first half of 2009, phishing attacks hit an all-time high and malware attacks jumped an astronomical 585%. While brand-based phishing and malware attacks continue to grow in number, sophistication and method, financial institutions of every size remain prime targets.

Today, brand-based attacks are mounted with a steadily increasing level of sophistication from rock phish and spear phishing to fast-flux attacks, malware and more. They are also distributed through a growing number of mechanisms or channels, including social media. In addition to the now-familiar email inbox attacks, financial institutions need to monitor search engines, blogs and social networking sites for links that divert consumers to fraudulent sites.

These attacks pose a significant threat to customer identity theft, which in turn stalls the adoption of online transactions. Meanwhile, brand reputation and consumer trust suffer.

Fortunately, financial companies can protect their brands, revenues and customers by taking proactive, holistic action against the fraudsters and scammers. MarkMonitor® can help.

MarkMonitor at Work


One of the world's largest financial services organizations fights phishing and malware attacks, cybersquatting and false association with its numerous brands online using MarkMonitor Brand Protection™, Domain Management and MarkMonitor AntiFraud™.

Industry-financial-chart

Enforcement against fraud—plus global domain management—bolsters customer
trust, limitsliability and shrinks portfolio management costs.

How MarkMonitor Protects Financial Services Brands

  • Sharply reduce fraud-related losses by quickly identifying and shutting down phish and malware attacks, and using "fraudcasting" to warn end users, through their browser, about malicious sites
  • Maintain consumer confidence in online transactions through aggressive enforcement that discourages fraudsters
  • Keep your brand reputation strong by clamping down on misuse and misrepresentation of your brands
  • Ensure a consistent customer experience by monitoring for corporate policy compliance by insurance agents and franchises
  • Establish and protect business online—while maximizing efficiencies and customer trust—through proactive domain portfolio management

Results

  • Shutdown of more than 700 phishing and "419" schemes through detection and rapid response
  • Savings of $14.8 billion in direct losses, time and effort attributed to online brand abuse
  • 50% decrease from peak volumes of squatted domains, false association and other web traffic interception schemes
  • Dramatic cost savings and efficiency gains through global consolidation of domain portfolio management
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