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Netintelligence confirms APAC's 'phishing' findings

08/11/06

(GLASGOW) Netintelligence, the leading hosted security service solution provider, has confirmed the British Payments Association’s (APAC) report that has identified a huge rise in online credit card fraud due, in the main, to phishing.

The report states that in the first 6 months of 2006 5,059 phishing scams were reported in the UK compared with only 312 incidents over the same time period in 2005. And this had contributed to an overall hike of 55% in all incidences of bank fraud. This rise is estimated to have cost in the region of £23m.

During an interview with BBC Radio, Phil Worms, Director Product Marketing stated: “I am not surprised at APAC’s reported 1471% rise in phishing scams given the huge increase in the number of un-solicitored emails that are we are now experiencing. The Phishers weapon of choice is email and they have obviously decided that the more they send the more lucrative their practise becomes. Currently, our own records show that 90% of the email that we process and filter on behalf of our clients is spam. In simple terms that equates to 9 out of every 10 emails sent. The really worrying thing is that in terms of volume, and the levels of sophistication and cunning used by the phishers, is to rising. Individuals and organisations really do face a daily battle to combat this threat.”

“On a positive note there are some very simple steps that can be taken to avoid becoming a phishing scam victim. Firstly the golden rule is: do not respond to any email, no matter how legitimate it may appear, that requests personal information. Delete it on receipt. Creditable organisations such as banks and online shops will not send emails to anyone asking for such information. Secondly, ensure that you have current anti virus and anti spyware solutions installed on your computers and that your email is professionally scanned and filtered. Finally, remain vigilant and if in doubt seek advice.”

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