• July 2, 2009

Fraudsters are abusing major financial brand names and topical subjects like refinancing or unemployment to lure unsuspecting consumers to questionable Web sites, according to MarkMonitor's latest Brandjacking Index.

The company chose four top U.S. and international bank brands to monitor for scams focusing on terms such as foreclosure, mortgage, refinance and unemployed. MarkMonitor declined to reveal the financial companies since they are the "victims," according to a spokesperson. The research indicates opportunistic fraudsters are quick to target citizens looking for ways to get back on their feet from financial challenges and the housing market bust.

"Scammers are preying upon consumer hardship, demonstrating incredible creativity in combining technology, social engineering techniques and current events," said Frederick Felman, chief marketing officer at MarkMonitor. "In this digital age, as the Internet pervades business and leisure, scam artists and fraudsters are quick to profit at the expense of trusted brands across a wide spectrum of industries." --Tanya Irwin