New phishing scams

Date: June 14, 2006
Source: wabusinessnews.com.au


The Australian Securities and Investments Commission has issued a consumer warning about scams that convince consumers to provide personal banking details via email.

These scams, called 'phishing' scams, have become more common and increasingly sophisticated.

Fraudsters gain personal information for identity theft purposes, using deceptive email messages that appear to come from legitimate businesses, and in the 2005-06 financial year more than one in five of all consumer scam complaints received by ASIC related to phishing.

This was an increase of 25 per cent over the past two financial years.

ASIC executive director of consumer protection Greg Tanzer said that the techniques adopted by phishing scammers were becoming more sophisticated and were always changing, due to the rapid increases in modern technology.
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