Phishing attacks going through the roof

Interesting to see that APACS, the bank payments association, reckons that phishing email attacks have gone up by 200 per cent in the first quarter of the year.

My own view is that, as phishing gets more difficult, with savvy users getting more used to hitting the delete button, phishers are turning to more and more clever approaches, as well as ramping up the volume of emails they produce.

Think about it - which is more profitable - a 0.005 per cent hit rate on a billion emails or 0.0025 per cent on five billion emails?

Despite the surge in phishing emails, APACS says that the dosh generated by the phishers as a result of their actions fell last year.

Squinting at the figures reveals that online banking fraud losses decreased a third from £33.5 million in 2006 to £22.6 million in 2007.

Successful phishing incidents, meanwhile, climbed from 2,369 during the first quarter of 2006 to 3,394 for the same period in 2007 and to 10,235 in the first quarter of this year...