IT Security & Network Security News & Reviews: Internet Scams and Phishing: A Look Inside the Business

By Brian Prince  |  Posted 2010-09-22 Print this article Print
Internet Scams and Phishing: A Look Inside the Business

Internet Scams and Phishing: A Look Inside the Business

by Brian Prince
From the fake IRS e-mails that hit in-boxes during tax season to the phony banking sites that look to trick users into entering sensitive information, phishers are still up to their old tricks. Just how much was underscored recently by a three-month investigation by Panda Security that found scammers are creating 57,000 fake Websites a week to exploit 375 popular brand names, such as eBay and Western Union. Ironically, research has shown very few people respond to phishing e-mails. A report prepared last year by Trusteer analyzing phishing events from 10 large banks in Europe and the United States for three months found only a very small number of the banks' customers (0.000564 percent) fell victim to phishing attacks. Still, 45 percent of those people who actually visited phishing sites entered their information, and those numbers translated to losses of between $2.4 million and $9.4 million annually per million online banking customers. These fake Websites are not just used for phishing, though. Sometimes they are used to trick victims into downloading malware or buying fake goods. It's a big business—one eWEEK took a look at with help from security researchers. Here are examples of some of the sites created by scammers to hook victims.

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