BITS, FS-ISAC Launch Email Registry to Help in Fraud Fight
A pair of Washington-based financial services technology groups are jointly launching a new service aimed at helping fight email and phishing fraud through enhanced threat intelligence.
The Trusted Email Registry from BITS, the technology policy division of The Financial Services Roundtable, and the Financial Services Information Sharing and Analysis Center, will prepare domain-specific reports that will help provide “deeper insight into attempts to send fraudulent emails purporting to originate from the financial institution’s system,” the groups said.
“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 Paul Smocer, BITS president.
Fraudulent emails sent to consumers and companies alike are of increasing concern to financial institutions and law enforcement agencies, and can result in theft of confidential information and account fraud, the organizations said.
“Monitoring of email traffic can help financial institutions mitigate some of this risk and we have partnered with Return Path and Agari to provide the real-time email data and analysis financial institutions will rely on to deepen monitoring of email traffic,” said Eric Guerrino, FS-ISAC executive vice president.
The service is available at no cost to BITS and FS-ISAC members, which includes 100 of the largest U.S. financial services companies and credit union industry participants.