Phishing is a technique used by fraudsters that involves sending out mass emails from a well-known financial institution or company. Sometimes it might look like the email is from a friend.
The email draws you in with a sudden problem, a potential gain or an emergency. It makes you want to click the hyperlink that takes you to a fake website. The site will look legitimate, and will ask you to enter your personal or banking information.
While you may think you're solving a problem or coming into some money, you're probably giving a fraudster all of the information they need to commit a scam, siphon launder money, make purchases online or obtain loans and services in your name.
71% of phishing attacks use the names and logos of financial institutions.
Phishing in social media
A new phishing trend uses social media to spread enticing messages that will give them access to your accounts and your information. When you share a video, a photo or an article embedded on a website, the former may request permission to access your profile, your friends and your posts, in addition to your personal contacts.
Beware of these abusive demands for access. You're at risk of exposing your contacts' personal information as well as your own.
Phishing texts are a lot like phishing emails, only they're sent via text message (SMS). The trap, the threats and the risks are identical.
Coined by hackers around 1996, Phishing is a combination of the words 'phreaking' (meaning hacking) and 'fishing'.Source