Phishing attacks on banks rise six-fold

It could set the alarm bells ringing for Indian banking system, there has been a six-fold rise in phishing attacks on the country's lenders during the last four months alone, a study revealed in Mumbai. Phishing is a form of internet fraud that aims to steal valuable information such as credit cards details, social security numbers, user IDs and passwords for financial gains. The fraud is executed through spoof emails and fake websites that prompt users to disclose their personal details. The 24X7 Security Response Lab of Pune-based internet security firm Symantec found that in October last year, there were 20 unique attacks on Indian banks while the figure has grown to 120 attacks as of January, 2008. "The attacks are now becoming more localised, subtle and target-specific...the increase in the number of attacks reflects that they are getting successful," Symantec Director Security Response Prabhat Kumar Singh said. From fame, the phishers are now turning towards making a fortune, he added. The Symantec lab monitors the complete threat spectrum and malware activity all across the world. It provides support in 14 languages against phishers who are extensively using sophisticated methods to install spyware, trojans, worms and viruses. But, it is not actually a security breach for the bank. "The banks have put in the best possible security but it is the unsuspecting user on whose back the phishers enter the system," Singh said.

16 Mar 2008, 1701 hrs IST,PTI - The Times of India