The great and the good of the financial industry have met to promise action on phishing.

The Anti-Phishing Working Group collected 50 executives from companies such as Microsoft, AOL, Bank of America, Visa International, MasterCard International, eBay/Pay Pal, Yahoo!, McAfee, DoubleClick and the Internet Education Foundation to discuss anti-phishing strategies.

Protection and education of users was top of the agenda. Not surprising really as the estimated loss is $500m to date.

The event was sponsored by Charles Schwab, Ernst & Young, Mail Frontier, RSA and Symantec.

Following the Summit, the Anti-Phishing Working Group pledged its commitment to protect and educate customers by signing a letter of agreement sent to prominent members of the Commerce, Banking and Judiciary congressional committees to raise awareness for this growing problem in the public and digital commerce community.

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