Cyota FraudAction Reduces the Lifespan of Phishing Attacks to 5 Hours

Cyota revealed several key results of its anti-phishing service, FraudAction. Cyota's anti-phishing solution was developed in mid-2003, the company publicly announced the solution in January 2004. Today FraudAction is live and 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 Cyota's 24x7 Anti-Fraud Command Center (AFCC), which also supports Cyota's various anti-fraud and security services, as well as identifies and analyzes new trends in the phishing and online fraud industry. Cyota's 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:

-- Cyota's 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.

-- Cyota's 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 Cyota's service, and confirmed that FraudAction lowered its losses by over 50%.

-- Cyota's AFCC has found that 59% of phishing attacks are hosted on hijacked computers.

Posted 12/02/04 | Filed under: Security |