CallingID Transfers the Liability of Phishing Losses in
Online Banking from the Customer to the Bank
NEW HAVEN, CT, September 18th 2006 – CallingID's unique solutions for safe
Internet browsing protect online banking customers from Internet fraud losses.
Now that banks require customers take "reasonable care" to protect themselves
before bearing losses, customers who use CallingID's solutions can prove that
they are taking more than reasonable care to protect themselves.
Over the summer there have been several cases where banks challenged customers
to prove that they took "reasonable care" to protect themselves before bearing
losses. One such case was when the Northern Kentucky Chamber of Commerce was
duped out of more than $163,000. A second case was between the Bank of Ireland
and a group of customers that fell victim to a phishing scam that exhausted
€160,000 ($202,000) from their accounts. In this case the bank initially
refused to cover the losses, but has since credited the accounts of nine
victims, who had threatened to sue to recover their funds. Another famous case
last year was when a Miami business owner, Joe Lopez,
sued Bank of America after it refused to cover $90,000 in phishing
losses.
CallingID provides a combination of two solutions:
Link Advisor which protects customers from phishing links received by
email or instant message, before they even click on them, and
CallingID Toolbar which serves as an "Internet Bodyguard" protecting
customers when they visit sites by running 54 real-time security tests,
alerting users before they submit personal or confidential information to a
suspicious site.
"The results of recent Internet fraud studies indicate that web users need
guidance when surfing the Internet" said Yoram Nissenboim, CallingID CEO,
"CallingID succeeds in protecting users from becoming fraud victims, while
encouraging them to do more business with real sites. It is a transparent
solution that lets users continue regular Internet activities while providing
them with useful information. Before they visit a site they know who the owners
of the site are and whether it is safe to trade with them. When there is a
potential risk they are given an immediate warning".
CallingID considers risky all links to sites that are known as phishing sites;
use malicious code; are owned by illegitimate entities; contain or are reached
via deceiving links (any link whose destination is different than the one
displayed); sites that hide their owners' identity. CallingID has a database of
over 3 million web sites and thousands of new sites are added to the database
daily.
CallingID's software can be downloaded from www.callingid.com.
Installation is fast and simple. CallingID Link Advisor supports Internet
Explorer and Firefox web browsers, Outlook, Outlook Express, Thunderbird,
Eudora and Incredimail email clients, ICQ, Google Talk and Yahoo messengers.
CallingID Toolbar supports Internet Explorer and Firefox.
About CallingID
CallingID is a technology leader for protecting institutions and individuals
when using the internet for ecommerce, online banking and accessing secure
sites or any site to which a user wishes to submit private or personal data.
CallingID provides solutions that encourage usage of the Internet for business,
helping customers avoid Internet fraud (Phishing, Pharming, Spyware and
Trojans) focusing on online banking, e-commerce and corporate sites as well as
individual Internet users. CallingID's offices are located in New Haven,
Connecticut and the R&D team is based in Haifa, Israel.