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What drives the adoption of antiphishing measures by Hong Kong banks?

Published: 01 August 2009 Publication History

Abstract

Introduction
Phishing mongers and posers have taken the world by a storm and it is estimated that the annual financial loss due to phishing scams is at least US $320 million. Hong Kong has been a hotspot of phishing attacks and since majority of phishing incidences occurring in the world are related to the financial services industry, banks in Hong Kong have been frequent targets. We conducted a study of Hong Kong banks in 2005 and 2007 to assess their phishing readiness and to understand the driving forces that shaped their adoption of anti-phishing measures (AM) over time. We searched the security related information available on the Web sites of the Hong Kong banks to determine AM adopted by them. We scored the banks based on the adoption of AM and related it to characteristics of banks and other plausible external factors.

References

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Berghel, H. Phishing mongers and posers. Comm. ACM 49, 4 (Apr. 2006), 21--25.
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Bose, I. and Leung, ACM. Unveiling the mask of phishing: Threats, preventive measures, and responsibilities. Comm. AIS 19, 24 (Apr. 2007), 544--566.
[3]
Chan, I. Better authentication allays online banking fears. ZDNet Asia (2007); www.zdnetasia.com/insight/specialreports/0,39044853,62020506,00.htm.
[4]
Financial Services Technology Consortium. Understanding and countering the phishing threat: A financial services industry perspective (2005); www.fstc.org/projects/docs/FSTC_Counter_Phishing_Project_Whitepaper.pdf.
[5]
Hong Kong Monetary Authority. Fraudulent bank websites and e-mails (2004); www.info.gov.hk/hkma/eng/press/2004/20041007e4.htm.
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Liu, P., Seyyed, F.J. and Smith, S.D. The independent impact of credit rating changes - The case of Moody's rating refinement on yield premiums. Journal of Business Finance&Accounting 26, 3-4 (1999), 337--363.
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Moore, T. and Clayton, R. Examining the impact of website take-down on phishing. In Proceedings of the Anti-phishing Working Groups 2nd Annual eCrime Researchers Summit (Pittsburgh, PA, 2007), ACM Press, 1--13.

Cited By

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  • (2013)Open Proxy: A road block for Phishing investigationsi-manager's Journal on Information Technology10.26634/jit.2.1.21422:1(22-33)Online publication date: 15-Feb-2013
  • (2013)The impact of adoption of identity theft countermeasures on firm valueDecision Support Systems10.1016/j.dss.2013.03.00155:3(753-763)Online publication date: Jun-2013
  • (2012)Phishing counter measures and their effectiveness – literature reviewInformation Management & Computer Security10.1108/0968522121128654820:5(382-420)Online publication date: 23-Nov-2012
  • Show More Cited By

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Published In

cover image Communications of the ACM
Communications of the ACM  Volume 52, Issue 8
A Blind Person's Interaction with Technology
August 2009
132 pages
ISSN:0001-0782
EISSN:1557-7317
DOI:10.1145/1536616
Issue’s Table of Contents
Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than ACM must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [email protected]

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Association for Computing Machinery

New York, NY, United States

Publication History

Published: 01 August 2009
Published in CACM Volume 52, Issue 8

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Cited By

View all
  • (2013)Open Proxy: A road block for Phishing investigationsi-manager's Journal on Information Technology10.26634/jit.2.1.21422:1(22-33)Online publication date: 15-Feb-2013
  • (2013)The impact of adoption of identity theft countermeasures on firm valueDecision Support Systems10.1016/j.dss.2013.03.00155:3(753-763)Online publication date: Jun-2013
  • (2012)Phishing counter measures and their effectiveness – literature reviewInformation Management & Computer Security10.1108/0968522121128654820:5(382-420)Online publication date: 23-Nov-2012
  • (2012)Fighting identity theftDecision Support Systems10.1016/j.dss.2011.09.00252:2(353-363)Online publication date: 1-Jan-2012
  • (2011)Why do people get phished? Testing individual differences in phishing vulnerability within an integrated, information processing modelDecision Support Systems10.1016/j.dss.2011.03.00251:3(576-586)Online publication date: 1-Jun-2011

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