Security breaches have never been more highly scrutinized by the courts and regulators, and they are redefining what companies should have seen coming—be it a stolen aircraft or a computer virus. Implementing the right policies, procedures and technology now can limit your company's liability in the future.
Anyone involved in protecting personal financial information of any kind should tune into what's happening with respect to higher standards being required to avoid potential downstream liability.
Experian-Scorex designed the transaction fraud model using existing CardGuard members. The design process included the study of over 2000 attributes and extensive segmentation analysis. The score uses a combination of up-to-date historical information and a long-term profile of each customer to ensure accuracy and reliability.
Marketers have spent much of the last decade shifting the focus of their marketing campaigns from traditional channels to the Internet. While results were initially rewarding, with each passing month this new channel becomes noisier, more crowded, harder to manage, and substantially less effective. A new form of online fraud (phishing) and a HUGE surge in unsolicited email (spam) have combined to create the perfect storm for online marketers.
"According to figures published by the U.S. Department of Commerce, Wells Fargo's e-commerce processing accounts for 15 percent of the nation's total online shopping volume."
But how is this good news in the fight against spam? It's obvious, really. The old-style spammers only made life difficult for Internet users and service providers. The phishermen are messing with the real big boys -- the nation's banks and credit card companies. Phishing could cost them billions, and scare consumers away from Internet commerce altogether. ''The banks and the big e-commerce companies are desperate for a solution," said Dave Jevans, chairman of APWG. And desperation backed by money is a powerful thing.
Meanwhile, Tumbleweed and the Anti-Phishing Working Group this morning announced a new "Phishing Attack Trends Report" for April 2004 reporting that email fraud and attacks grew by 180% during April, averaging 38 new attacks each day.