PayPal Teams with Cloudmark to Prevent Fraud
The Anti-fraud component of Cloudmark’s new SafetyBar solution will be offered to PayPal users free of charge.
The SafetyBar solution is designed to empower businesses and consumers to stop online fraud.
SafetyBar is available to any PayPal customer worldwide that uses the Outlook email system. The tool is easy to install, with the new SafetyBar appearing as a toolbar in Outlook immediately after downloading the product. From installation forward, messages that are identified as phishing emails are automatically forwarded to the Spam Folder. Along with SafetyBar, PayPal users also get a free 30-day trial of Cloudmark’s anti-spam protection, the most award-winning anti-spam solution this year.
“Online security is a top priority for PayPal and we continue to fight phishing attacks in every way we can,” said Dave Nielsen, technical evangelist for PayPal. “We’re happy to work with Cloudmark to develop tools and techniques that enhance our fraud protection initiatives.”
“Cloudmark is extremely proud to be working with PayPal to promote trust in the Internet as a safe place to conduct business,” said Karl Jacob, CEO of Cloudmark. “Cloudmark’s mission has always been to protect consumers from fraud before it occurs versus raising fear or sounding warning alarms when it’s just too late. By offering both SafetyBar and our first of its kind rating system, we are confident we can re-establish trust within the world of e-commerce.”
While SafetyBar helps eliminate fraud before it reaches the Inbox, Cloudmark Rating solves the other problem created by “phishing” — namely the erosion of consumer trust in e-commerce brands. Cloudmark Rating helps ensure that the email customers receive is from the trusted brand that sent it. The reputation system helps confirm that mail sent from a company is legitimate. Cloudmark Rating displays the company’s logo in the SafetyBar, to help consumers be confident in knowing that the messages received is from the brand they trust.
“Phishing attacks are on the rise, and so is the need for e-commerce companies, financial institutions and providers to take measures to protect their customers,” said Teney Takahashi, Messaging Security Analyst with the Radicati Group. “By working with SafetyBar and the Cloudmark community, companies are able to provide their users with a more reliable method of identifying legitimate emails. Dealing with both sides of the equation has become critical, as phishing and online fraud continue to threaten the integrity of email, e-commerce and the Internet.”
“Phishing” is a technique whereby a perpetrator sends out legitimate-looking emails appearing to come from well-known banks, online retailers and credit card companies in an effort to obtain personal and financial information from the recipient. The result of these scams is that consumers suffer credit card fraud, identity theft and financial loss.
According to an April 2004 survey of 5,000 U.S. online adults, Gartner estimates that 57 million U.S. adults have received phishing attack email and more than 1.4 million users have suffered from identity theft fraud, costing banks and card issuers $1.2 billion in direct losses in the past year. Moreover, the FTC estimates that if one figures in the amount of money businesses must spend on security software to stop the phishers, the damage to brand names, and the costs of mitigating customer complaints and litigation associated with insecure websites, the total increases to over $50 billion.
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