Financial institutions, such as banks and credit unions, lose millions of dollars due to online fraud every year. Cybercriminals target financial institutions and their customers 24/7 with phishing and malware attacks that steal account credentials and enable account takeover. With an abundance of vulnerable websites available for compromise and a thriving ecosystem of professionally developed hacking tools, cybercriminals launch attack after attack with impunity.
Financial institutions have also been the targets of large-scale distributed denial-of-service (DDoS) attacks, such as those launched by Anonymous and the al-Qassam Cyber Fighters (QCF). These attacks overwhelm the capacity of networks and applications, crippling services that are vital to business. A single DDoS attack can cost financial institutions more than $240,000 per day due to lost productivity and revenue.
In addition to major direct losses from fraud and lost productivity, these external threats erode brand value and customer trust. According to a recent survey, 71 percent of U.S. adults would be at least somewhat likely to switch financial institutions if they became a victim of online banking fraud at their current institution.
PhishLabs partners with banks and financial institutions to reduce the risk posed by phishing, crimeware, DDoS and other external cyber threats. We fight back against cybercrime, shutting down attacks and going further to dismantle the underlying ecosystem of illicit tools and services that cybercriminals depend on. Our unique approach inflicts real pain on attackers, minimizing their profits and deterring future attacks against our clients.
Our full portfolio of Cybercrime Protection and Intelligence services helps financial institutions protect the integrity of their online, mobile and voice business channels. We reduce the risk of online fraud from external cyber threats and provide the intelligence needed to effectively resist major DDoS attacks. By partnering with PhishLabs, banks and other financial institutions reduce losses due to cybercrime attacks and prevent brand erosion.