White Papers for Gramm Leach Bliley Act (GLBA)

Phishing Detection and Prevention

Tipping point

Phishing is an automated form of identity theft, targeted primarily at the casual e-mail user. As a successful and lucrative form of financial fraud, phishing made its mark on the networked landscape in 2004. Today, it is a booming segment of the identity theft “industry”. In January of 2004, there were 174 phishing Web sites identified by the cross-vendor Anti-Phishing Working Group. By December, there were over 1700. Finally, that year, the reported consumer loss due to Internet-based fraud was estimated between US$500 million (according to the Federal Trade Commission) and US$2 billion (according to the Anti-Phishing Working Group). Financial institutions and law enforcement agencies alike were ill-prepared to deal with organized,
technically literate, internationally-based criminals.This paper will detail the technical aspects of typical phishing campaigns, focusing on the tactics, methodology, and unique features of the phishing e-mail and the phishing Web site. It will outline how automated, inline network-based solutions, built on existing intrusion prevention technology, can be leveraged to assist network defenders protect their constituencies from online fraud.

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