Phishing scams increase 200%

APACs has released figures showing that the number of reported phishing attacks has risen 200% from the same period last year.

In January – April 2007 there were 3,394 reported incidents, compared with 10,235 in January –April 2008.

Phishing scams typically involve emails claiming to be from banks, asking for account holders to re-enter their account  or credit card details. The fraudster can then use these details to access victims’ bank accounts and take their money, or use the card details to purchase goods fraudulently.

The rise in phishing attacks is bad news for both banks and e-commerce operators, as they are both vulnerable to fraudulent transactions and withdrawals, as well as potential damage to their brand’s reputation, should fraudsters choose to use their brand as a ‘front’.

As well as implementing identity verification to ensure that ‘phished’ details are not used to transact online, e-commerce operators should also educate their customers as to how to spot phishing attacks.

Further information:

• For further information on phishing: http://en.wikipedia.org/wiki/Phishing
• Read the full APACs report at:www.apacs.org.uk/08_04_15.html
• www.banksafeonline.org.uk for further help and advice about phishing and preventing online banking fraud.
• Click here to request a demo and see how 192.com Business Services can prevent phishing details being used to transact on your website.