Seth Holden

1

• Seth Holden
• Julia Paddon
• Ben Peltz
• Jessi Reilly

PHISHING
2
Overview

• Phishing Defined
• Effects on the Financial Industry
• Effects on People
• Protection
• Fraud Detection Services
• Conclusion

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Phishing

• The process of sending out phony messages and
  tricking the user into revealing important
  information.
• Sent via E-mail, Internet Sites, IM, SMS

4
Phishing Process

• E-mail message appears from a financial
  institution asking to verify your account or
  transaction at a phony website.
• Victim submits account information at fake
  website.
• Fake website steals confidential personal
  information or downloads malicious code.

5
Financial Industry

• 1.2 Billion in damages to institutions so far
  (Dec. 04)
• Each hit averages 2,000-10,000 in losses for
  consumers and banks.
• Damaged reputation
• Lost confidence by consumers
• Contagion Effect
• Online banking
• Online commerce

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Reference to the Book

• In the Book
• Inter-bank funds transfers conducted online.
  (Page 208)
• Bank Safety and Regulation (Chapter 19)

• Not in the Book
• Phishing defined
• Phishing Process
• Who and what phishing affects
• Motivation/detection
• Anti-phishing services

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Effects on People

• Identity Theft
• Credit Cards
• Bank Accounts
• Unwanted Mailing/Email List Promotion
• Online institutions
• Online Shopping
• Loan and Mortgage Offers
• Spyware
• Downloads activities from personal computers

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Effected Financial Organizations

• Online Banking
• Citibank
• Wells Fargo
• Bank of America
• Chase Manhattan
• Credit Card Companies
• Visa
• Mastercard
• American Express

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Phishing at Its Best
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Motivations

• Email is low cost to send.
• Easy to register and set up phony websites.
• Registered with phony information, hard to trace.
  
• High profit opportunity.
• Difficult to catch criminal activity.

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Protection

• Newest version of browsers and e-mail servers
• Picture passwords, personalized greetings, or
  password generators
• Spam filters
• Blacklists
• User education awareness

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Fraud Detection Services

• Websense monitors 25 million sites daily
• Webwasher maintains database of fraudulent
  sites and analyzes new attacks
• NameProtect works with Mastercard to detect
  attacks
• Cyota sends info and alerts to client banks
• Primary client base consists of financial
  intermediaries and their customers.

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Conclusion

• Phishing is a large-scale threat consisting of
  multi-victim incidents.
• All banks are at the risk, but can reduce
  exposure by simple security means.
• Phishing e-mails are the most prevalent and
  currently damaging form of phishing.
• Prevention is becoming a standard cost of doing
  financial business in today's electronic age.

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Bibliography

• http//www.mcafee.com/us/local_content/white_paper
  s/wp_anti_phishing.pdf
• www.cyota.com
• http//www.unisys.com/financial/insights/insights_
  _compendium/identity__theft__prevention__and__dete
  ction___d0___are__your__branch__banking__customers
  __at__risk.htm
• http//www.crime-research.org/news/12.05.2005/1228
  /
• http//www.antifraudalliance.com/html/release.html
  
• http//www.cloudmark.com/press/releases/?release2
  005-02-14
• http//www.corillian.com/corporate/news/XcNewsPlus
  .asp?cmdviewarticleid264

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Question

• Which among these are protection against
  Phishing?
• A. Spam filters
• B. Blacklists
• C. User education and awareness
• D. All of the above

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Thank You!!!

• Seth Holden
• Julia Paddon
• Ben Peltz
• Jessi Reilly