Posted by Elane Smith on June 28, 2004
Over the last 6 months I’ve found myself explaining what the term ‘phishing’ means more than I explain how the latest internet scam attempts to convince consumers into giving private information, such as their credit card or debit account numbers, through official-looking fake Web sites or in a reply e-mail. Where does the term ‘phishing’ come from? Computer-hacker slang provides a clue. An “f” is often replaced with “ph” as in ‘phreak’ according to WordSpy.com. The term derives from the fact that Internet scammers are using sophisticated lures as they ‘fish’ for users financial information and password data. In July 2003 the FBI called phishing, the “hottest, and most troubling new scam on the Internet. The company most targeted by phishing attacks is e-Bay; however, the most targeted industry is the financial services sector. Well-known company and agency names, like VISA, FDIC, Best Buy, IPS and Amazon.com, have been used by these scammers to phish for information. In the last 6 months, the number of phishing emails has increased 1200% , with an average of 5.7 new, unique attacks sent our to millions of consumers each day. Because the emails look official, up to 5 percent of recipients may respond to them, resulting in financial losses, identity theft, and other fraudulent activity. In addition to the direct cost of fraud and the lingering effects of identity theft for consumers, this growing Internet con game threatens the integrity of all companies that do business online. BBB recommends that consumers protect themselves by doing the following: *Treat unsolicited em-mail requests for financial information or other personal data with suspicion. Unsolicited means the e-mail wasn’t initiated in response to an action by the consumer. Do not reply to the unsolicited e-mail or respond by clicking on a link within the unsolicited e-mail message. *Contact the actual business that supposedly sent the e-mail to verify if it is genuine. Visit a secure Web site or call a phone number that you know to be legitimate. *Only enter personal information on a secure Web site that you know to be legitimate. Your credit card issuer would never ask you to send Social Security numbers, account numbers, passwords, or PINs within an e-mail message. When entering personal data at a Web site, look for a ‘locked padlock” in the browser or ‘https” at the beginning of the Web site address to make sure the site is secure. *Update anti-virus software and security patches to system software regularly. Phishing e-mails can contain viruses that may harm your computer if opened. *Check your monthly financial/bank statements immediately to verify all transactions. Notify your bank of any erroneous or suspicious transactions. *Forward any suspicious e-mails to the Federal Trade Commission at uce@ftc.gov or file a complaint with the FTC at www.ftc.gov. You can also forward unsolicited e-mails claiming to be from VISA or your VISA card issuer to phishing@visa.com
