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Guarding Against Phishing Scams

Question: What are institutions required to do in order to guard against phishing scams?

Answer: According to a component of the Red Flag rule, each financial institution must have a method to detect phishing activities and a means to police the attacks. As the online threat risks change daily, phishing detection increasingly requires constant Web site surveillance of a financial institution's domains, trademarks and commonly used phases to ensure the safety of customer information. If a fraudulent Web site is identified, there must be a process in place to take it down quickly to avoid any further harm to the public, while deterring future attacks.

Secure Identity Systems is the only company in the U.S. that offers the end-to-end solution for Red Flag compliance including: Initial Risk Assessment, Policies and Procedures Manual, New Account Authentication, Change of Address Verification, Identity Theft Protection with fully managed recovery, On-site Staff Training, and an Anti-Phishing Program. For additional information, please call (615) 377-7661, or e-mail:

First published on 9/29/08

First published on 09/29/2008

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