Phishing Wreaks Havoc With Banking Industy’s Online Strategies

Boston Globe: It was any banker’s worst nightmare. Shortly after Wachovia Corp. sent an e-mail inviting recipients to go to a new log-in page as a result of its merger with First Union Corp., some savvy customers swamped Wachovia’s call center to inform officials that criminals apparently were attempting to steal the financial information of Wachovia’s customers through a bogus hyperlink.
One problem: The e-mail was authentic.
According to a report by Javelin Strategy & Research, 55 percent of people who receive an e-mail with their bank’s name and e-mail address that asks them to log in to their account will delete the e-mail without taking any action. The magnified awareness of phishing has nearly destroyed the trust in a valued avenue of communication between banks and customers that banks took years to build.
Another survey released last month authored by Avivah Litan of Gartner Inc. said that 28 percent of consumers have said that online attacks influence their online banking activity. The report said that 14 percent of that group have stopped paying bills online as a result and that 4 percent have stopped online banking altogether.

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About David Burn

I wrote my first ad for a political candidate when I was 17 years old. She won her race and I felt the seductive power of advertising for the first time. Today—after working for seven agencies in five states—I am head of brand strategy and creative at Bonehook in Portland, Oregon.