Communications purporting to be from popular social web sites (Youtube, Facebook, Myspace), auction sites (eBay), online banks (Wells Fargo, Bank of America, Chase), online payment processors (PayPal), or IT Administrators (Yahoo, ISPs, corporate) are commonly used to lure the unsuspecting. Phishing is typically carried out by e-mail or instant messaging, and alludes to baits used to "catch" financial information and passwords.
After AOL brought in measures in late 1995 to prevent using fake, algorithmically generated credit card numbers to open accounts, AOL crackers resorted to phishing for legitimate accounts.
Some phishing scams use JavaScript commands in order to alter the address bar.
In this example, the phishing email warns the user that emails from PayPal will never ask for sensitive information. True to its word, it instead invites the user to follow a link to "Verify" their account; this will take them to a further phishing website , engineered to look like PayPal's website, and will there ask for their sensitive information. You can report these phishing emails to PayPal directly. Remember not to use any of the links that your phishing email has provided.
If the victim selects free user, the phisher just passes them along to the real RapidShare site. But if they select premium, then the phishing site records their login before passing them to the download. Thus, the phisher has lifted the premium account information from the victim.
Simply displaying the domain name for the visited website . Some suggest that a graphical image selected by the user is better than a petname "Phishing - What it is and How it Will Eventually be Dealt With" by Ian Grigg 2005.
Source: Wikipedia > Phishing
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