Fraud fighters form up

Five online security software and service providers have formed the Anti-Fraud Alliance to help e-commerce and financial services...

Five online security software and service providers have formed the Anti-Fraud Alliance to help e-commerce and financial services firms fight online fraud such as phishing and identity theft. 

Kim Legelis of Symantec, one of the alliance's founders, said, "Online fraud is accelerating substantially, particularly phishing. There is no single solution or single supplier able to mitigate the multiple aspects of a phishing attack, such as the planning stages, the setting up of fraudulent websites, the actual attack itself, often delivered by e-mail, the collection of information and the use of stolen credentials for the purpose of fraud. So we have formed an alliance to address these issues." 

Legelis said the Anti-Fraud Alliance could help financial institutions, in particular, understand the breadth of online scams and work to find simple solutions. That way, institutions don't have to figure out which IT suppliers address which pieces of the problem. 

"We're trying to accelerate financial institutions' ability to solve the phishing problem by bringing to them a more complete set of capabilities for negating their risk and protecting their customers," he said. 

The participating companies are:

  • Symantec, which has an online fraud management system that detects e-mail attacks and then blocks those attacks
  • Corillian, a provider of online banking systems whose Corillian Anti-Fraud Detection System helps financial institutions and e-commerce companies identify phishing and other fraudulent online activities before they become full-fledged attacks
  • Name Protect, a digital brand protection company that provides fraud detection
  • PassMark Security, which has developed an authentication system that combats fraud
  • Internet Identity, which helps get rogue and spoofed websites deactivated.

Linda Rosencrance writes for Computerworld

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