November 25, 2024 at 04:47PM
The FS-ISAC launched a Phishing Prevention Framework aimed at reducing phishing and fraud for businesses, especially in financial services. Successful pilot programs cut phishing complaints in half. The framework emphasizes understanding fraud origins, collaborative data collection, and partnerships with telecom providers to enhance defenses against evolving phishing tactics.
### Meeting Takeaways
1. **Phishing Prevention Framework Launched**:
– The Financial Services Information Sharing and Analysis Center (FS-ISAC) introduced a Phishing Prevention Framework on Nov. 19, tailored for financial institutions but applicable across various industries.
2. **Success in Pilot Program**:
– The framework has demonstrated effectiveness in reducing phishing incidents, with participating banks reporting a 50% decrease in abuse complaints during pilot tests.
3. **Focus on Data-Driven Approaches**:
– FS-ISAC emphasizes a data-focused process for handling abuse complaints to understand the origins of phishing attacks, rather than solely preventing bad transactions.
4. **Implementation Recommendations**:
– Companies are encouraged to:
– Create a structured fraud reporting system.
– Catalog communication methods with customers and partners.
– Utilize data collection surveys to identify trends in phishing attempts.
5. **Adaptive Fraud Landscape**:
– While the framework provides essential defenses, fraudsters quickly adapt their tactics. Phone-based phishing (“smishing”) has surged, now representing 23% of all phishing attacks, pushing the need for adaptive security measures.
6. **Collaboration with Telecom Providers**:
– The framework includes recommendations for collaboration with telecommunications companies to enhance security and reduce vulnerabilities in phone systems.
7. **Long-Term Outlook**:
– The ongoing effectiveness of the framework remains to be seen, given the rapid evolution of phishing tactics used by attackers.
This summary encapsulates the key points discussed, providing clarity on the FS-ISAC’s framework and its implications for businesses combating phishing and fraud.