Pharming is a type of online banking fraud that uses a bank’s URL to redirect customers to a spoofed web site – an exact replica of the real bank site – where fraudsters are able to ‘harvest’ personal credentials in mass numbers. Cyota claims its new system aims to prevent this attack by searching the internet for potential pharming attacks and alerting its Anti-Fraud Command Center (AFCC), where suspicious activity is qualified by a Cyota fraud analyst.
The company said its new product enhances its anti-phishing service, FraudAction, and is being deployed in thirteen of its financial institution clients.
