Phishing Attacks reduced from 6.4 days to 5 hours

Wednesday 1 December 2004 20:50 CET | News

Cyota has revealed several key results of its anti-phishing service, FraudAction. FraudAction is in use by 5 top American and British banks.

FraudAction is a comprehensive anti-phishing service, including real-time alerts, detailed severity assessments, site shutdown services, forensic work and proprietary counter-measures. The service is deployed by Cyotas 24x7 Anti-Fraud Command Center (AFCC), which also supports Cyotas various anti-fraud and security services, as well as identifies and analyzes new trends in the phishing and online fraud industry. Cyotas suite of anti-fraud solutions is in use by 8 of the top 12 banks in the world. Key results of Cyota FraudAction to date: - Cyotas AFCC has handled hundreds of distinct phishing attacks per month. - Cyota shut down over 60% of attacks in less than 5 hours. Several sites have been shut down in even less than one hour. - Cyota has lowered the lifespan of a typical phishing site to 5 hours, compared to the industry average of 153 hours (6.4 days) reported by the Anti-Phishing Working Group. - Cyotas AFCC has found that 2/3 of attacks are hosted internationally; domestically-hosted sites typically take less time to shutdown. - Cyota deployed its patent-pending counter-measures in 72% of the attacks. - Cyota alerted the bank it is under attack 4 hours prior to the first customer call (on average). - One bank benchmarked its phishing-related fraud losses before and after using Cyotas service, and confirmed that FraudAction lowered its losses by over 50%. - Cyotas AFCC has found that 59% of phishing attacks are hosted on hijacked computers.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce