Sponsorship for the initiative was provided by the American Express, First Data, and Microsoft.
The group has issued a "call to action" with the release of a paper outlining key recommendations that aim to form a comprehensive plan for combating phishing more effectively.
NCL reported that a May 2005 consumer survey by First Data found that 43 percent of respondents had received a phishing contact, and of those, 5 percent (approximately 4.5 million people) provided the requested personal information. Nearly half of the phishing victims, 45 percent, reported that their information was used to make an unauthorized transaction, open an account, or commit another type of identity theft.
The organization further noted that, in 2005, phishing scams ranked sixth in internet complaints to NCL's Internet Fraud Watch program and the scams continue to dupe consumers.
"There is no silver bullet to solve the phishing problem, but there are known responses that need more support and promising new approaches that could help deter it," said Susan Grant, director of NCL's National Fraud Information Center.
The key recommendations in the NCL report are:
Peter Swire, law professor at Ohio State University, wrote the report for NCL. In the next phase of this project, NCL is forming working groups and inviting organizations and experts who are concerned about phishing to examine how the anti-phishing strategies in the report can be adopted on a widespread basis.
"We all need to work together in a systematic approach if we want to have a significant impact on the tidal wave of phishing that is hitting consumers and hurting legitimate organizations," said Grant.