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In this paper, we introduce the concept of Public-Key embedded Graphic CAPTCHAs and their usage as an Anti-Phishing mechanism. These CAPTCHAs contain a user-specific image object and a pattern (for e.g. a sub-string) of a secure channel invariant (for e.g. the Public-key of the authentic web-server), wherein the image object and pattern are linked. By virtue of a built-in one/two-way implicit challenge mechanism and this verifiable association between the image object and the specific sub-pattern of the Public Key, they help in detecting/resisting automated or human-assisted Phishing attacks.
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Saklikar et al. (2008) studied this question.