Phishing 'to cost US banks $400m'

Framingham, Massachusetts – Phishing, the use of fraudulent emails and websites to fool recipients into divulging personal financial data, is going to cost US financial institutions up to $400 million in 2004, according to a new study by Financial Insights analyst Sophie Louvel.

Louvel said the targets of ‘phishers’, the largest financial institutions, were probably suffering more from the erosion in customer trust that the phishing attacks are causing.

Phishing attackers use ‘spoofed’ emails and fraudulent websites designed to fool recipients into divulging personal financial data such as credit card numbers, account usernames and passwords, social security numbers, etc.

By hijacking the trusted brands of well-known banks, online retailers and credit card companies

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