Software deployed by Nationwide to automatically
identify and shut down
phishing scams has paid for itself in three
months by reducing online fraud, the building society said last
week.
The roll-out followed the creation of the Strategic Fraud
Initiative group at Nationwide to consider options for combating
phishing attacks, which seek to obtain customer account and log-in
information using spoof e-mails and websites.
The MarkMonitor software, which took 10 days to
implement, has shut down hundreds of phishing scams during its
first three months of operation. Prior to deploying MarkMonitor,
Nationwide staff manually tracked phishing scams carried out
against the company.
“It became extremely difficult to shut down phishing sites
quickly enough and cope with the number of incoming e-mails from
customers reporting phishing attacks or suspicious websites,” said
Peter Corrie, head of Nationwide’s Strategic Fraud Initiative.
“With online fraud increasing exponentially each year, it is
paramount for companies like ours to tackle the problem head-on in
order to minimise revenue losses and protect our members.”
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