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.
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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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