Nearly five million consumers in the US have lost money in the year ending September 2008 through phishing attacks, emphasising the importance of data quality and security for firms.
A report published by Gartner advises companies which deal with customer data to put email address verification measures in place, as well as site authentication and digital signing.
Vice president and distinguished analyst at the firm Avivah Litan claims that this underlines the fact that the war against phishers is "far from over".
She states: "This strategy must include continuous fraud detection, stronger user authentication and out-of-band transaction verification for registered users."
While Ms Litan says that none of the approaches firms can take are foolproof, implementing a layered security approach involving all parties will yield the best result.
Earlier this month, Unisys Security Index found three quarters admitted to worrying about the risk of online identity fraud, with nine in ten Americans saying they were somewhat concerned by their credit and debit card data security.