Financial firms will lose $400 mln to phishing in 2004

Financial Insights estimates that U.S. and international financial institutions stand to lose up to $400 million in fraud losses resulting from phishing incidents occurring in 2004.

Financial Insights estimates that U.S. and international financial institutions stand to lose up to $400 million in fraud losses resulting from phishing incidents occurring in 2004. Institutions are also incurring additional organizational costs beyond those allocated towards the management of identity theft cases. Firms are suffering even more from the erosion in customer trust that these incidents are causing.

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