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EMC prevents US$7.5 billion in estimated fraud losses

Anuradha Shukla | Dec. 8, 2011
Its security division shuts down its 500,000th online attack on behalf of its global customers.

The RSA FraudAction anti-phishing and anti-Trojan service has shut down its 500,000th online attack on behalf of its global customers.

The Security Division of EMC, RSA, is now in its seventh year operating a popular commercial online anti-fraud service engineered to help protect customers, primarily in the banking and online retail industries, against phishing, pharming and Trojan attacks.

RSA recently reached this milestone in the fight against cyber crime and, to date, has helped its customers prevent an estimated US$7.5 billion in potential fraud losses.

The RSA FraudAction service provides 24x7x365 monitoring and fraud detection, real-time alerts and reporting, forensics and counter measures, and attack site blocking and shutdown.

"Phishing has reached pandemic levels globally, impacting business and consumers alike, with billions of dollars being lost to cyber criminals - yet electronic commerce and online banking continues to thrive in nearly every corner of the world," said Peter Cassidy, secretary general of the Anti-Phishing Working Group, a non-profit global pan-industrial and law enforcement association. "Industry and governments are collaborating to combat the threats and are finding innovative ways to successfully leverage technology, intelligence sharing and relationships to identify and take down phishing attacks more rapidly than before which helps suppress their effectiveness and greatly diminish their potential impact."

Establishing trusted environment

Aiming to establish a trusted environment, the RSA FraudAction service heavily leverages RSA's Anti-Fraud Command Center (AFCC) equipped with over 130 fraud analysts working round the clock to shut down fraudulent Web sites, deploy counter measures, and stop online criminals to prevent future attacks.

The AFCC also provides multilingual translation support in nearly 200 languages to further enhance its ability to detect, block and shut down sites on a global scale.

Till date, the RSA FraudAction service has received several awards and industry recognition from leading analyst firms and independent publications.

"This milestone translates into significant cost savings for our clients and helps to establish the trusted environment their customers depend upon," said RSA president Tom Heiser. "In the first half 2011 alone, the RSA FraudAction service saved our customers an estimated US$520 million that might otherwise be lost to online attacks such as phishing and pharming. Not only does this enable customers to operate more profitably, RSA's work helps to raise the cost of fraud, making these kinds of attacks economically unattractive to cyber criminals."

 

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