BoxSentry partners Internet Identity to protect financial services industry
ConvergenceAsia staff
26/02/2008

BoxSentry has signed an agreement with Internet Identity, an anti-phishing security services company, to address the rapidly growing incidence of online fraud in Asia and the Middle East.

BoxSentry, an email deliverability solutions provider headquartered in Singapore, is Internet Identity’s first major, multi-regional international partner, and aims to offer holistic email security and anti-phishing services to customers in its target markets across Asia and the Middle East.

According to Gartner, US$3.2 billion was lost as a result of phishing in 2007 in the United States alone. With Asia’s online population rapidly increasing, the global figure could easily be twice that in just a matter of years. The financial services industry has to deal with declining customer confidence and trust in online communications. Phishing is criminal activity and clearly the criminals are currently winning the battle, said Manish Goel, CEO of BoxSentry.

“With Internet Identity, BoxSentry is now able to offer solutions that will instill greater confidence and Internet security, not just for the financial services industry, but also for other phishing targets like the retail industry, internet service providers, and governments,” he added.

The financial services industry continues to be the most targeted industry sector for phishing. According to a recent report by the Anti-Phishing Working Group (APWG), November 2007 saw the highest number of hijacked brands ever recorded in a single month. The report also found that out of the top ten phishing sites hosting countries, four are in Asia. Asian countries account for over 40 per cent of the world’s phishing websites.

“Internet Identity has primarily focused on the US market, but we are seeing a rapid increase in phishing activity beyond North America and Europe where it had been largely concentrated. Our partnership with BoxSentry will help us expand our reach into Asia and the Middle East quickly,” said Rod Rasmussen, President and CTO of Internet Identity.

“As companies work to eliminate phishing, we see email authentication being adopted by leading companies and ISPs as an excellent method to help tackle the issue. BoxSentry’s perspective on the next generation of email deliverability is in tandem with our line of thinking, and together we can offer solutions to combat these growing levels of complex and malicious threats. As a result, companies can provide solid protection to end-users, restoring confidence in their online activities.”

BoxSentry offers email protection services through RealMail, its flagship email deliverability solution that protects legitimate email, and restores confidence in email as an effective and reliable business communications channel. Internet Identity’s anti-phishing solution, Powershark, provides early detection and rapid-response deactivation of phishing sites. In addition, the solution finds and blocks new phishing sites and deactivates them, while preventing domain-based phishing.

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