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STOP THE SCAMS: FS-ISAC’S NEW PHISHING PREVENTION FRAMEWORK HELPS FINANCIAL
SECTOR COUNTER SURGE IN SCAMS

Guidance by FS-ISAC’s Fraud Security Working Group equips financial firms with
key strategies for reducing fraud and protecting consumers   

Reston, VA, US, November 19, 2024 – FS-ISAC, the member-driven, not-for-profit
organization that advances cybersecurity and resilience in the global financial
system, today has introduced Stop the Scams: A Phishing Prevention Framework for
Financial Services. This comprehensive framework aims to help financial services
firms counter a surge in phishing attacks, the most reported type of cybercrime
worldwide. With phishing scams increasingly impacting both firms and consumers,
Stop the Scams offers critical, actionable steps to help firms safeguard
themselves and their customers against the financial and reputational harm
caused by phishing. 

Phishing scams typically involve fraudsters using email, text messages, or phone
calls that mimic trusted sources, such as banks or financial firms, to steal
personal and financial information. Victims of these scams may face significant
financial loss, while their financial service providers may bear responsibility
for reimbursing or supporting them. Recognizing the need for a cohesive solution
designed to help financial firms of all sizes and maturity levels reduce
phishing reports, FS-ISAC’s Fraud Strategy Working Group collaborated with
leading member firms to develop Stop the Scams.

The Framework has already delivered impressive results, with three major US
banks  reporting a reduction in text abuse incidents by over 50% shortly after
implementation. The core approach consists of four essential actions:

 * Collect and Share Intelligence: Gather actionable intelligence from consumers
   and disseminate it across relevant departments.
 * Educate Employees and Customers: Develop education programs to heighten
   awareness of phishing tactics among both employees and customers.
 * Catalog Communication Channels: Maintain a catalog of telephone numbers used
   by the institution and third-party partners to prevent spoofing.
 * Leverage Anti-Phishing Technology: Collaborate with telecommunications
   providers to deploy anti-phishing solutions.

Linda Betz, Executive Vice President of Global Community Engagement at FS-ISAC,
emphasized the significance of collective action, stating, “Phishing has become
a global epidemic affecting millions, yet by working together, financial firms
can develop highly effective defenses. Our Stop the Scams framework provides a
strategic roadmap, supporting firms in fighting phishing through shared
knowledge and coordinated intelligence that can shift the balance against
cybercriminals.”

To further maximize the Framework’s effectiveness, FS-ISAC recommends two best
practices:

 * Establish a Structured Reporting Intake Process: Design a fraud and phishing
   intake process with clear, concise questions to gather actionable
   intelligence while minimizing the burden on consumers.
 * Build an Abuse Inbox for Reporting: Set up an “abuse box” infrastructure,
   enabling consumers to report phishing attempts. This approach allows
   financial services firms to gather timely threat insights, benefiting both
   internal teams and the broader financial sector.

“The actions in the Stop the Scams framework provide concrete steps for helping
to reduce phishing incidents and strengthen protections amid the fast-changing
threat landscape and rapidly evolving technologies such as generative AI,” said
Susan Koski, Chief Information Security Officer at PNC.  “We hope that this
comprehensive framework will advance the industry’s battle against these
attacks.”  

Stop the Scams: A Phishing Prevention Framework for Financial Services is
available for download here. 

About FS-ISAC

FS-ISAC is the member-driven, not-for-profit organization that advances
cybersecurity and resilience in the global financial system, protecting the
financial institutions and the people they serve. Founded in 1999, the
organization’s real-time information-sharing network amplifies the intelligence,
knowledge, and practices of its members for the financial sector’s collective
security and defenses. Member financial firms represent $100 trillion in assets
in 75 countries.

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