Charleston, SC (PRWEB) July 10, 2014
PhishLabs, the leading provider of cybercrime protection and intelligence services that fight back against online threats, announces the launch of ATO|Prevent™ to help banks and credit unions stop account takeover (ATO) and reduce losses due to online fraud. ATO|Prevent provides proactive detection and mitigation of account takeover attacks that target bank customers and credit union members.
In 2011, the Federal Financial Institutions Examination Council (FFIEC) issued guidance designed to reduce the risk of account takeover fraud. Despite subsequent investments by financial institutions to strengthen authentication and fraud prevention controls, account takeover fraud has continued to grow at alarming rates. A study conducted by Javelin Research in 2013 found that annual account takeover fraud losses grew 69 percent to $4.6B. Download the “Combating Account Takeover” white paper to learn more about why banks and credit unions need a new strategy to fight ATO fraud.
“The fact that account takeover fraud is showing no signs of slowing down makes it clear that banks and credit unions need more than internal anti-fraud controls,” said John LaCour, Founder and CEO of PhishLabs. “ATO|Prevent goes beyond those controls to proactively stop account takeover attacks and reduce fraud losses.”
Account takeover begins when cybercriminals attack financial institution customers using sophisticated banking Trojans, phishing sites, vishing phone calls, malicious mobile applications, and other scams to steal credentials and hijack accounts. These attacks ultimately lead to account takeovers and fraud losses. Additionally, they erode customer trust and tarnish brand reputation.
ATO|Prevent proactively detects and stops these attacks, preventing account takeovers and reducing the risk of losses due to online fraud. All customer financial transaction channels are protected by ATO|Prevent, including web, email, voice, and mobile. ATO|Prevent also aggressively disrupts the underlying cybercrime operations that support account takeover attacks. This reduces future attacks and minimizes cybercriminals' return-on-investment.
“Banks and credit unions need fraud prevention that goes beyond just playing defense. ATO|Prevent is an affordable solution that aggressively fights back against account takeover around-the-clock, regardless of the attack vector,” added Mr. LaCour.
Key features of ATO|Prevent include:
To learn more about PhishLabs, visit http://www.phishlabs.com or email info[at]phishlabs[dot]com.