MasterCard to combat phishing and ID theft

MasterCard International is working with digital fraud detection company NameProtect to "aggressively combat" phishing and the brokering of illegally obtained credit card numbers online.

Rather than reacting to online fraud and identity theft after it has occurred, MasterCard said it would use NameProtect's technology to detect online scams in real time as they proliferate across the internet.

Working with law enforcement agencies, MasterCard and NameProtect will seek to dismantle "online tools and venues" before they can be used to steal personal information.

Sergio Pinon, senior vice president of MasterCard global security and risk services, said in a statement: "We are confronting identity theft head on by taking the fight directly to where credit card scams breed and spread.

"By identifying these illegal card number-swapping rings and working to close down these online 'credit card black markets,' as well as sites that are established solely to steal personal information, we can squash illegal activity before people's accounts are compromised."

NameProtect also will help protect MasterCard's own identity from being stolen by seeking out fraudsters attempting to spoof the MasterCard logo and other branding insignia to use for phishing attacks.

NameProtect's internet detection technology and systems monitor domain names, web pages, online discussions, spam email and other online formats to identify online trading rings, phishing attacks, and other forms of fraud, the moment each attack is launched online.

It will provide real-time reports to MasterCard, which will then be able to report illegal websites and other illegal online forums to the proper authorities such as the US Secret Service, FBI and Interpol.

MasterCard said it can immediately provide this information through its MC Alerts service to its nearly 25,000 member financial institutions, which can use it to protect themselves and prevent their millions of cardholders from having card accounts compromised.

See also:

Sevenfold increase in phishing attacks

Spoofed email scams up 700 per cent in just five months  29 Jun 2004

Microsoft, Yahoo and AOL push anti-spam plans

Anti-Spam Technical Alliance publishes recommendations on best practice  23 Jun 2004

Identity theft: how you can protect and survive

The proliferation of databases has led to an epidemic of identity theft. Cath Everett reports on the depth of the problem and the steps business should take to protect themselves.  18 Jun 2004

Phishing rocks the e-commerce boat

Email scams becoming ever more sophisticated as hackers, ID thieves and virus writers join forces  24 May 2004

Watch out: There's an ID thief about

Danny Bradbury reports on how businesses are coping with identity fraud.  15 Apr 2004

Security

The latest wave of cyber-crimes and acts of vandalism have demonstrated once again that many systems are still vulnerable to attack.  15 Apr 2004

Phishing still on the increase

Finance, retail and ISP customers primary targets of attacks  17 Mar 2004

Card fraud figures show rise in ID theft

Cardholder-not-present tops Apacs plastic card crime league  08 Mar 2004

ID fraud preys on technology's immaturity

Scams are a huge personal and financial drain and the internet makes it easier, says Danny Bradbury.  30 Jan 2004

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