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Australian Banks Among World's Best Phishing Spots

  • 19 February, 2004 17:20

<p>Phishing is the term coined by hackers who imitate legitimate companies in e-mails to entice people to share passwords or credit-card numbers. The term Phishing comes from the fact that Internet scammers are using increasingly sophisticated lures as they "fish" for Users' financial information and password data. The Fraudster in these phishing attacks targets Static Passwords, which are used for all kinds of purposes and can be easily re-used by Fraudster.</p>
<p>The Anti-Phishing Working Group (www.antiphishing.org) recently released its January Phishing Attack Trends Report. The report revealed 176 unique phishing attacks reported in January. This represents a 52% increase over the number of attacks reported in December (116). In addition to the increasing volume, there are a number of phishing attacks that are “repeats” – these attacks were sent out previously, and identical version of these attacks appear to have been sent out again. The most targeted business sector by phishing attacks in January is Financial Services and Australian banks are among the most targeted in the WORLD!</p>
<p>Australian online banking customers face other threats such as key logging programs that are attached to the user’s computer as a result of a phishing attack. Key Logging is essentially like tapping a phone, but on a computer. Key loggers capture user input such as typed-in passwords and email messages.</p>
<p>Campbell Bradford, the Australasian Area Manager of VASCO Data Security, said “the only real way to combat the issue of Key logging and phishing attacks is to secure the login process. A method that has popularity and great user acceptance throughout European banking circles is that of authentication tokens. Authentication tokens, small devices that generate a One Time Password (OTP) or Transaction Authentication code, remove any possibility of key logging. This is due to the constantly changing response given by the token, which is typed into the site by the user, proving beyond all doubt that the right user has carried out a certain transaction or accessed certain information”.</p>
<p>He also stated “No security expert regards static passwords as a strong authentication. With many security ‘solutions’ available today, each of them promising to be the best thing since the Internet, having static passwords for online banking customers is just not good enough”.</p>
<p>Financial institutions in Australia owe it to their users to choose a solution that is proven, secure, easy to use and easy to implement.</p>
<p>About VASCO: VASCO designs, develops, markets and supports patented strong user authentication products for e-business and e-commerce. VASCO’s target markets are the applications and their several hundred million users that utilise static passwords as security. VASCO’s time-based system generates a “one-time” password that changes with every use, and is virtually impossible to hack, or break. With 10 million Digipass products sold, VASCO has established itself as a world-leader for strong user authentication with over 250 international financial institutions, approximately 1200 blue-chip corporations, and governments representing more than 60 countries.</p>
<p>For more information contact:
VASCO Data Security Australia Pty Ltd, Campbell Bradford: 02 8448 2068 or 0412879 779, cbradford@vasco.com</p>

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