BITS measures Internet scams' cost to financials

WASHINGTON (4/4/05)--The BITS Fraud Reduction Steering Committee is developing briefing papers to provide an overview of the impact of online illegal activity (e-scams) on financial institutions, including credit unions.

E-scams also are known as "phishing," "spoofing" and "pharming."

Three papers have already been released and BITS expects to release two or three more papers in the coming weeks. Published papers include:

  • "E-Scams: The Rise and Growth of Phishing and Spoofing": Defines and provides an overview of the different types of e-scams;

  • "The Impact of E-Scams on Financial Institutions": Provides an overview of the financial and business impact of e-scams on financial institutions.

  • "Financial Services Industry Technology Solutions for Combating Fraud Associated with E-Scams": Lists the industry groups that are working on combating and countering e-scam threats and offers solutions to the e-scams.

Affiliated credit unions can download the papers from CUNA's website using the resource links below.

print this story email this story
Resource Links
"E-Scams: The Rise and Growth of Phishing and Spoofing" (affiliated CUs only)
"The Impact of E-Scams on Financial Institutions” (affiliated CUs only)
"Financial Services Industry Technology Solutions for Combating Fraud Associated with E-Scams" (affi
Resources to fight phishing fraud


More Washington

Copyright © 2012 Credit Union National Association