| HOME | NEWS RELEASES | SUBSCRIBERS ONLY AREA | HOW TO SUBSCRIBE | CONTACT US |  |
|
||||||
|
News Releases
6/15/2004 USA PATRIOT Act Monitor News Release: Phishing
Schemes Nearly Doubling Every Month
In phishing, an email directs the recipient to a website, usually designed to
look official, or at least legitimate, where the user is asked to update personal
and financial information. Those who provide the information become victims
of identity theft. Websites to which phishing emails direct those receiving
them may purport to be sites of government agencies, financial firms, internet
auctions, or electronic payment services. A report from the Anti-Phishing Working
Group, "Phishing Attack Trends Report," concludes that phishing as
a business is growing exponentially, with an increase of 180% from March to
April 2004 (www.antiphishing.org/APWG_Phishing_Attack_Report-Mar2004.pdf).
Phishing is now the subject of a report released by two groups, the Finance
and Banking Information Infrastructure Committee (FBIIC), and the Financial
Services Sector Coordinating Council (FSSCC). The FBIIC is composed of representatives
from federal and state regulators, while the FSSCC consists of representatives
from financial services organizations and trade associations. The report, "Lessons
Learned by Consumers, Financial Sector Firms, and Government Agencies during
the Recent Rise of Phishing Attacks," jointly prepared by the FBIIC and
the FSSCC, is posted on the Treasury website (www.treas.gov/press/releases/js1690.htm).
Given the rapid increase in phishing schemes, and the reputational risk to financial
institutions, aggressive efforts are required in responding to this threat to
the financial system. These reports will the subject of further analysis in
the June issue of the Monitor.
The USA PATRIOT Act Monitor and the news releases prepared by the Monitor staff are services of the Civic Research Institute, publisher of Money Laundering, Terrorism, and Financial Institutions, by Raymond Banoun and John Ensminger. Contact and subscription information may be obtained at http://www.civicresearchinstitute.com/moneylaundering or by calling the Civic Research Institute at 609-683-4450 (fax: 609-683-7291).