Phishing Reports Have Doubled, ASIC Reveals

by Mary Swire, for LawAndTax-News.com, Hong Kong

16 June 2005

The Australian Securities and Investments Commission (ASIC) on Wednesday warned internet users to beware of 'phishing', citing a recent doubling in reports to ASIC concerning this financial scam.

Phishing is a technique used by fraudsters to gain personal information for the purpose of identity theft, by using deceptive email messages that appear to come from legitimate businesses.

ASIC's Commissioner, Professor Berna Collier explained that complainants had reported receiving emails which appeared to be from well-known Australian and international banks or financial institutions.

"These emails, with titles like 'Urgent Security Notice', ask for information including pin numbers, card expiry dates or internet banking registration numbers and passwords. The emails often give plausible explanations for why this information is needed, such as 'to conduct security upgrades', 'investigate irregularities' or 'arrange payment of bills due'', Professor Collier announced, continuing:

"In some instances, the email will include links to real websites so that you can access your account, it may use copies of the branding of a real bank or provide a contact telephone number so that customers may 'verify' the request for information. All of these tricks combine to set an elaborate trap for unsuspecting consumers."

"A bank will never ask you to confirm your internet banking password, especially in an email', she concluded.

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