Nationwide Foils Phishers with Help from MarkMonitor
Financial services giant achieves ROI with Antiphishing Solutions in just three months
April 18, 2007 – MarkMonitor®, the global leader in enterprise brand protection, announced Nationwide Building Society (Nationwide), the U.K.-based financial services giant, has successfully deployed Antiphishing Solutions from MarkMonitor to automatically identify and shut down phishing scams. After just three months of use, Nationwide reports the solution has paid for itself in prevented phishing and other online fraud attacks.
According to the Anti-Phishing Working Group (APWG), 90 percent of phishing attacks carried out in December 2006 were perpetrated against financial services companies. The Anti-Phishing Working Group also estimates that overall financial losses due to phishing top $1 billion per year. As a leading European financial institution, Nationwide found itself one of the targets for online scammers.
To combat this issue, Nationwide created a Strategic Fraud Initiative group within the company and turned to MarkMonitor for its comprehensive Antiphishing Solutions. Implemented in just 10 days, MarkMonitor made an immediate impact on Nationwide's bottom line, shutting down hundreds of phishing scams within the first few months.
Prior to working with MarkMonitor, Nationwide staff manually tracked phishing scams carried out against the company. "It became extremely difficult to shut down phishing sites quickly enough and cope with the number of incoming e-mails from customers reporting phishing attacks or suspicious-looking Web sites," said Peter Corrie, Head of the Strategic Fraud Initiative for Nationwide.
MarkMonitor is a key component of Nationwide's Strategic Fraud Initiative and a valued partner in helping the company run its business. "With online fraud increasing exponentially each year, it is paramount for companies like ours to tackle the problem head-on in order to minimize revenue losses and protect our members," added Corrie. "MarkMonitor has enabled us to quickly address daily online fraud activities so we can refocus our energies on emerging, future threats."
"Top financial services institutions like Nationwide are quickly understanding the need and strategic value of taking an aggressive, proactive stance against phishers and other online scammers," said Irfan Salim, President and CEO of MarkMonitor. "MarkMonitor clients rely on our advanced technology solutions and counsel in order to increase revenue, safeguard their brands and improve customer loyalty."