Jersey City, New Jersey – (The Hosting News) – February 17, 2006 – Online trust and security company, Comodo Inc., has announced a new initiative to help consumers re-establish trust in online interactions which has been eroded through the issuance of low assurance SSL certificates.
The new technology called SVT (See. Verify. Trust.) is being incorporated into its VerificationEngine (VE), a free downloaded reader that gives consumers the ability to verify web content with a simple mouse roll over. Consumers can use VE today to authenticate the site logos of many financial and company sites.
According to Forrester, phishing, pharming and online fraud are growing as fast as online sales, which topped $136 billion in 2004. Particularly hard hit are smaller financial institutions like banks and credit unions as they are the new “soft target” or favorite of fraudsters.
This type of threat is part of a growing vulnerability directly related to the flood of low assurance SSL certificates that recently entered the market. These low assurance certificates do not validate the legitimacy of the business entity, but rather these low assurance providers rely on automated validation processes which only check to be sure the applicant has control over the domain but does nothing to establish the legitimacy of the business. As a result, fraudsters have a new, easy channel to procure the important gold padlock trust symbol to provide a veneer of legitimacy to their site. These low assurance SSL certificates are damaging to the Internet Trust Model because consumers have no effective means to distinguish between a legitimate and fraudulent business.
Melih Abdulhayoglu, President and CEO of Comodo explained, ”Comodo SVT is a revolutionary approach to authenticating Web content. With SVT technology deployed, the credit union discussed in the Washington Post article could have helped their customers mitigate the threat of this phishing attack. Consumers can now avoid most phishing and pharming attacks with a new level of free downloadable security. By making this accessible to all consumers, we believe that Web content verification will become a trusted and standard part of a consumer’s online process. This will go a long way to reestablishing trust so consumers can feel more confident when doing business online.”
High Assurance SSL certificates, like those issued by Comodo, validate the business legitimacy of the website through established PKI (Public Key Infrastructure) security processes. These types of certificates are issued by Certification Authorities who adhere to strict standards to authenticate the validity of the business behind the website. With this type of business legitimacy vetting process, any phisher attempting to obtain an SSL certificate (and the trusted padlock icon) would be stopped.
Comodo is a leading global provider of Identity and Trust Assurance services on the Internet, with over 200,000 customers worldwide.
To learn more, please visit: www.comodogroup.com.