Time comes again for those who use the Internet for banking have been cautioned about the ‘phishing’ and dangerous, unsolicited e-mails.
Phishing is a common term used to describe online fraud. It literally means laying a trap.
It is an attempt to criminally and fraudulently acquire sensitive information, such as usernames, passwords and credit card details, by masquerading as a trustworthy entity in an electronic communication.
A phishing technique was described in detail as early as 1987, while the first recorded use of the term "phishing" was made in 1996.
PayPal, eBay and online banks are common targets.
Phishing is typically carried out by e-mail or instant messaging, and often directs users to enter details at a website, although phone contact has also been used.
Phishing is an example of social engineering techniques used to fool users.The damage caused by phishing ranges from denial of access to e-mail to substantial financial loss.
On January 26, 2004, the U.S. Federal Trade Commission filed the first lawsuit against a suspected phisher.
The defendant, a Californian teenager, allegedly created a webpage designed to look like the America Online website, and used it to steal credit card information.
Can anyone just estimate the results of the phishing? Once a phisher strike on an accouts, here is some statistical data:
It is estimated that between May 2004 and May 2005, approximately 1.2 million computer users in the United States suffered losses caused by phishing, totaling approximately US$929 million.
United States businesses lose an estimated US$2 billion per year as their clients become victims.
In 2007 phishing attacks escalated. 3.6 million adults lost US $ 3.2 billion in the 12 months ending in August 2007.[45] In the United Kingdom losses from web banking fraud—mostly from phishing—almost doubled to £23.2m in 2005, from £12.2m in 2004