Through a successful beta deployment with FastMail [http://fastmail.fm], a recognized provider of high quality and ultra-fast email services, Truedomain validated its technology, and subsequent to commercial launch, is now working with major email providers and online brands to protect approximately 300 million consumer email accounts from phishing attacks.
Truedomain officially debuts the service today at Launch: Silicon Valley 2010, co-presented by Silicon Valley Association of Startup Entrepreneurs (www.svase.org), Garage Technology Ventures and Microsoft, a platform for the next generation of emerging technology companies to launch their products to the world. Selected from more than 400 companies vying for a spot onstage, Truedomain was recognized as one of the most interesting startups by the event’s prestigious board of venture advisors.
In conjunction with its launch, the company has also closed a Seed funding round, bringing the total amount of funding raised to date to more than $1.2 million.
The Truedomain Antiphishing NetworkTM
The Truedomain Antiphishing Network combines a multi-tiered, standards-based authentication framework with a comprehensive feedback loop and analytics layer to provide the highest level of phishing protection for email. In addition to stopping fraudulent emails, Truedomain enables visual identification of authenticated email from legitimate and trustworthy senders. By connecting legitimate domain owners with email receivers, Truedomain provides a clearinghouse for the consistent application of email authentication and enforcement of handling rules, along with a unified view into authentication performance and delivery results throughout its network of email receivers.
“As VeriSignTM has done for the browser, we bring trust back to email by offering both the authentication technology to stop email-based phishing before any damage is done, as well as visually identify all authenticated email originated from legitimate, trustworthy senders,” said Robert Pickup, Founder & CEO, Truedomain. “Unlike reactive solutions available today, Truedomain takes the ‘prevention is the best cure’ approach by proactively blocking the attack before it reaches its target.”
FastMail partnered with Truedomain in beta, helping to validate and refine the architecture and integration approach with mail providers.
“We’ve built our business on providing the fastest, most reliable and most secure email services to our customers,” said Rob Mueller, CTO, FastMail. “We chose Truedomain because they help us keep our customers safe from phishing attacks, and in doing so, allow us deliver the security and quality of service our customers expect.”
Open Standards + Proprietary Innovation = Maximum Effectiveness
The Truedomain Antiphishing Network is built on a foundation of authentication standards including DKIM, Domainkeys and SPF. To complement and reinforce those standards, Truedomain developed proprietary authentication technologies that maximize the effectiveness and reliability of its antiphishing solution, while shoring up inherent weaknesses of the existing standards that cause “false positives” or legitimate email to be blocked.
The key benefits delivered by the Truedomain Antiphishing Network include:
Real, measurable ROI. By blocking malicious emails before they are delivered, Truedomain prevents potential victims from ever being exposed to the attack. As a result, Truedomain eliminates the identity and financial theft, data loss, customer support costs and operational overhead that inevitably follow in the aftermath of phishing attacks.
Strengthens brand integrity and customer trust. By protecting our customers’ brands from being used as phishing bait, Truedomain preserves customer loyalty and boosts retention and acquisition. Truedomain’s email trust certification process ensures that every email authenticated from its customers’ domains originated from the legitimate owner of that domain – something the current self-administered standards cannot deliver on their own.
Clear visibility into the end-to-end email delivery chain. Truedomain provides critical visibility into authentication performance and message level metadata from emails that fail authentication. What has historically been an anonymous ‘black-box’ ecosystem is now a rich source of data that domain owners can use to optimize their outbound security and authentication processes, track authentication and delivery performance, and pursue enforcement efforts against criminals that commit financial and identity theft against their businesses and their customers.
Phishing – A Clear and Present Risk
Phishing, or posing as a trustworthy entity to steal money or identities, is one of the most common forms of identity theft and costs consumers and businesses over $3B per year according to Gartner. A study by VeriSign found that 88% of consumers cannot distinguish between a legitimate website and its phishing clone. No longer confined to only the biggest banks or online retailers, the volume and reach of phishing attacks continues to rapidly accelerate, hitting an all-time high in January 2010 with a 21% increase in that month alone (RSA).
New tricks and cheap tools allow phishers to develop more sophisticated schemes, such as highly targeted – or “spearphishing” – attacks aimed at smaller “soft-targets,” including enterprises and their employees, social networks, colleges and universities, government agencies and professional associations. The increase in both breadth and uniqueness of phishing attacks underscores the need for proactive solutions that provide protection based on open and widely adopted security standards.
Founded in 2009, Truedomain delivers the most effective and reliable solutions to stop email phishing attacks. Built upon a standards-based authentication framework, the Truedomain Antiphishing Network™ combines multi-tiered email authentication and consistent policy application with direct visibility into authentication results and performance across our network of email receivers. We have partnered with the largest email providers in the world and are protecting some of the most recognizable online brands to eradicate phishing and bring trust back to email. For more information, please visit www.truedomain.net.