Fighting Back Against Phishing

Phishing

The rising number of phishing attacks involving the hijacking of the brands of financial institutions poses a genuine threat to the integrity of the financial system. Fortunately, there exist defenses to deter attacks or to render them harmless. Some of these employ technology to foil would-be scammers, and other techniques rely on consumer and employee education. An effective counter-phishing program will utilize both.

The Federal Deposit Insurance Corp. enumerates a four-point program:
- Upgrading existing password-based single-factor customer authentication systems to two-factor authentication.
- Using scanning software to proactively identify and defend against phishing attacks.
- Strengthening educational programs to help consumers avoid online scams, such as phishing, that can lead to account hijacking and other forms of identity theft.
- Placing a continuing emphasis on information sharing among the financial services industry, government, and technology providers.

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