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PHISHING SCAMS
8/9/2007 1:42:57 PM
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Americans now have a year-round “phishing” season, but it’s nothing for anglers or anyone else to celebrate. Internet scammers casting about for people’s financial information have a new way to lure unsuspecting victims: They go “phishing.” Phishing – a clever trick to fool Internet users into surrendering private identifying information such as passwords, Social Security numbers and credit card numbers – is fast becoming one of the most common tactics of identity thieves. Information technology consulting firm Gartner, Inc. found earlier this year that an estimated 57 million Americans believe they have received a phishing e-mail.
What is Phishing?
Phishing is a term used to describe the action of assuming the identity of a legitimate organization, or web site, using email or web pages and with a view to convince consumers to share their user names, passwords and personal financial information for the purpose of using it to commit fraud. Phishing is a hackers term, hence the reason it is spelt with a ph instead of the expected f (the f was replaced in hackers terminology for their telephone hacking activities in the 1970s - Phone Phreaking). As such, it could be creatively described as fishing for consumers’ identity and financial information, but as the term is relatively new to the English language terms like scam and hoax will remain closer to the tip of the consumers tongue.
These email hoax or phishing scams (and the fake web pages that they sometimes refer you to) are nothing new; but they are on rapid increase and with ever changing content, presentation and approaches, a great many of us are likely to fall victim.
According to the Federal Trade Commission (FTC), phishers send an email or pop-up message that claims to be from a business or organization that you deal with – for example, your Internet service provider (ISP), bank, online payment service, or even a government agency. The message usually says that you need to “update” or “validate” your account information. It might threaten some dire consequence if you don’t respond. The message directs you to a Web site that looks just like a legitimate organization’s site, but it isn’t. The purpose of the bogus site? To trick you into divulging your personal information so the operators can steal your identity and run up bills or commit crimes in your name.
Phishing is a two time scam, Former FTC Chairman Timothy Muris said. Phishers first steal a company’s identity and then use it to victimize consumers by stealing their credit identities. The Federal Bureau of Investigation has called phishing “one of the hottest, most troubling scam on the Internet.” The financial services industry is by far the most-targeted sector, followed by retail – primarily eBay, according to a study conducted by the Anti-Phishing Working Group.
Email Phishing Attack Trends
A study by the Anti-Phishing Working Group (APWG), an industry association focused on eliminating identity theft and fraud that results from phishing and e-mail spoofing, reported during May of 2007, there were 37438 unique phishing attacks. The financial services sector continues to be the most targeted sector accounting for approximately 97% of all attacks in the month of May. Reported by the Anti-Phishing Working Group (APWG) http://www.antiphishing.org.
What Can You Do To Combat Phishing?
Following these simple tips can help you recognize and prevent phishing attacks:
1) Remember that trusted financial institutions and other reputable businesses would almost never ask customers to send private data through an e-mail message.
2) Be suspicious and extremely cautious about unsolicited e-mail requests for financial information or other personal data. When in doubt about an e-mail, delete it.
3) Promptly notify the business that supposedly sent the e-mail and ask them to verify that the message was indeed sent to consumers.
4) Always go directly to a financial institution’s home Web site. Use a search engine to locate the site. Never attempt to link to it from an e-mail.
5) If entering personal information into a Web site, look for the “lock” icon on your browser’s status bar. It means your information is secure during transmission.
6) Review your financial accounts regularly and notify your financial institution immediately if you notice any erroneous or suspicious transactions.
7) If you suspect that you have already been “hooked” into a phishing scheme and have divulged personal data in response to an e-mail solicitation, report the threat to your financial institution or card issuer immediately. Cancel the affected account and open a new one.
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| Representatives at The Citizens State Bank involved with this story:
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Warning: Internet email is not secure. Please do not send private
information to The Citizens State Bank via email.
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