First Anti-phishing Incident Response Program for Credit Unions Released

Brandimensions Inc., an international leader in the online brand protection and market intelligence industries, and Red Cliff Solutions, a leader in Internet Security, announce CounterPhish, the first anti-phishing incident response program specifically designed for Credit Unions. Developed through a joint partnership, CounterPhish provides credit unions with the technology and best practices to effectively counter the ongoing threat of phishing and identity theft. CounterPhish is available though Red Cliff’s service offerings.

Phishing attacks are no longer confined to larger national or global banking institutions. Phishers are increasingly targeting smaller regional banks and credit unions. For example, the National Credit Union Administration recently issued an alert about multiple fraudulent email attempts targeted at its customers. The new CounterPhish solution ensures that smaller regional banks and credit unions are prepared to effectively address phishing threats if and when they happen by monitoring for attacks and shutting them down quickly. CounterPhish provides a cost effective attack management solution ideally suited to the credit union environment while providing a capability that meets and exceeds the regulatory requirements of the industry.

“Small banks, especially credit unions, have limited resources and employees may shoulder a number of responsibilities. As a result, it may leave some banks ill-equipped to fully understand and deal with potential phishing attacks,” said Bradley Silver, president and CEO of Brandimensions. “The CounterPhish solution provides credit unions with the peace of mind that they have employed best practice phishing solutions and have access to a response team anytime – day or night.”

CounterPhish combines Brandimensions phishing take down expertise with Red Cliff’s security knowledge of firewalls and ability to monitor networks for suspicious activities.

CounterPhish’s services include an early warning monitoring system, complete documentation, takedown, and forensic information of phishing attacks. By employing CounterPhish, companies can better keep their customers informed when attacks do occur, and shut it down quickly, before extensive damage is done.

CounterPhish has a number of features that allow financial institutions to address each and every facet of a potential attack from start to finish. These include:

• Process Documentation: provides step-by-step instructions and documentation on what to do when a phishing attack has been launched;
• Early Monitor System: creates ‘Honeypots’ used to gather and scan millions of SPAM emails for signs of phishing attempts and attacks, as well as monitoring new domain registrations that mimic a financial institution registration;
• Identification and Verification: validates phishing attacks and notifies the financial institution management team;
• Take Down: traces the origin of attack, and works with the ISP or hosting provider to quickly shut down the fraudulent Web site as well as monitoring the Internet ; and
• Data Forensics: records the details of the phishing attack providing the financial institution with the forensics information needed for legal authorities or insurance.

“CounterPhish is priced to specifically meet the needs of credit unions. Given the financial constraints that may face many of these businesses, CounterPhish is meant to be a cost effective solution for those institutions looking to address phishing attacks without having to employ an entire IT staff while deriving all of the benefits of a variable, scalable resource,” said Kevin Prince, CEO of Red Cliff Solutions.