BITS and FS-ISAC Launch Service to Reduce Email Fraud

BITS, the technology policy division of The Financial Services Roundtable, and the Financial Services Information Sharing and Analysis Center (FS-ISAC) are offering financial institutions a new service to prevent email fraud and phishing attacks through enhanced threat intelligence.

The Trusted Email Registry, available at no cost to BITS/Roundtable and FS-ISAC member companies, collects information about email traffic from Internet Service Providers (ISPs) and provides domain-specific reports to institutions. With this intelligence, companies can see attempts to send fraudulent emails purporting to originate from their system and take measures to stop them, preventing fake emails from ever reaching their customers.

Criminals “phish” accounts by sending emails that appear to come from a legitimate financial institution asking the recipient for account information or to click a link that then downloads malicious code designed to steal information.

“By providing an information link between institutions and ISPs, the Registry allows financial services companies to safeguard their email channel more effectively. By decreasing the chance a customer will receive unauthorized email, institutions expect to reduce fraud,” said BITS President Paul Smocer.

Member institutions access the Registry through www.bits.org or www.fsisac.com and choose Agari or Return Path, both industry leaders in email authentication deployment and data analysis, to facilitate the information retrieval.

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