Symantec Helps First Horizon Bank Thwart Online Threats to Financial Data
Symantec Online Fraud Management Solution Helps First Horizon’s Banks Secure Customer Financial Data and Transactions
CUPERTINO, Calif. – Aug. 14, 2006 – Symantec Corp. (Nasdaq: SYMC) today announced that First Horizon National Corporation (NYSE: FHN) is using the Symantec Online Fraud Management Solution to help prevent e-mail fraud by combating phishing attacks that may lead to identity theft. Using Symantec’s system to detect and block fraudulent e-mail, First Horizon is protecting the integrity of its customers’ online transactions and securing their sensitive financial information.
With more than 13,000 employees in more than 40 states, First Horizon provides financial services through hundreds of offices and over the Web. The company has grown from a single location in Memphis, Tennessee, in 1864 to one of the largest financial services companies in the United States. Its banks operate under the name First Horizon Bank in selected markets across the country and under the name First Tennessee in Tennessee, where it has the largest market share. Customers have rewarded the banks with one of the highest customer retention rates of any bank in the country.
Online, First Horizon is shaping itself into a one-stop financial services marketplace. As the bank continues to reach into new markets and gain market share, information security has never been more important. First Horizon uses the Symantec Online Fraud Management to protect customers’ financial data by reducing the phishing attacks before they get to the customer.
“It is imperative that First Horizon protects all sensitive and personally identifiable customer information,” says Christopher Leach, chief risk officer, First Horizon National Corporation. “Customers choose First Horizon because of our impeccable reputation for protecting their assets and providing excellent customer service. We pride ourselves on our world-class security and we want it to stay that way.”
First Horizon Reels in the Phishing Net
Prior to implementing Symantec’s Online Fraud Management Solution, First Horizon had to engage its entire critical incident response team to manually troubleshoot online threats. Symantec has automated the process of detecting and blocking online phishing for First Horizon and its customers.
In addition, First Horizon’s IT staff had historically focused on protecting its customers’ financial information as it resides in the company’s environment. As the sophistication of social engineering and phishing attacks increased, the bank realized that it needed to do more than protect customers from the inside out, concentrating not just on the network, but on customers’ personal computers as well.
Now when a phishing campaign is launched against First Horizon customers, Symantec Online Fraud Management automatically blocks fraudulent e-mails from reaching the bank’s global customers and immediately notifies the company of the attack. At the same time, Online Fraud Management provides customer education, customer desktop security assessment, and customer protection technologies that guard the consumer as well as the enterprise network.
“Phishing attacks are shaking customer confidence in online banking. Attackers now use tools that allow them to quickly adapt to our defenses,” says Leach. “Symantec has made it possible to reduce phishing attacks on a scale of five million e-mails down to a few hundred that actually reach customers. We partner with Symantec because of their proven technology and industry leadership in quickly adapting to the changing security threat landscape.”
Industry analyst firm Gartner Group estimates that banks lost $1.2 billion to phishing schemes in 2003. According to the Anti-Phishing Working Group (APWG), the financial services industry is consistently the most targeted sector for phishing attacks, growing to nearly 86 percent of all attacks in July 2005.
“Every minute an attack is left unchecked, customer and business confidential information is exposed to more and more people,” notes Leach. “Symantec’s Online Fraud Management Solution allows a bank to systematically address phishing attacks and other online fraud by reducing the attack’s scope and proactively alerts us to exactly what we’re dealing with. We can then spend our time surgically shutting down the source and control the attack’s penetration before it reaches even a few hundred people.”
Keeping Customer Protection Behind the Scenes
For any financial services organization, protecting customers from online security threats and e-mail scams without interrupting their day to day banking needs can be a tricky balance. Symantec’s online fraud solution automatically detects and blocks fraudulent e-mail before it reaches First Horizon’s customers, allowing them to continue banking online without interruption.
“While securing customer information is a key priority in the financial services space, so too is ease of use. If security interferes with the customer’s online experience, they’ll get frustrated quickly,” adds Leach. “In the end, the technology’s ease-of-use, service level, cost, as well Symantec’s strong reputation solidified our decision. When it’s all said and done, Online Fraud Management allows us to extend customer confidence and instill trust in our services without ever causing inconvenience.”
Symantec is the world leader in providing solutions to help individuals and enterprises assure the security, availability, and integrity of their information. Headquartered in Cupertino, Calif., Symantec has operations in more than 40 countries. More information is available at www.symantec.com.
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