Academic journal article Federal Reserve Bulletin

Agencies Publish Brochure about Internet Phishing

Academic journal article Federal Reserve Bulletin

Agencies Publish Brochure about Internet Phishing

Article excerpt

The federal bank, thrift institution, and credit union agencies on September 8, 2004, announced the publication of a brochure with information to help consumers identify and combat a new type of Internet scam known as phishing.

The term is a play on the word fishing, and that is exactly what Internet thieves are doing--fishing for confidential financial information, such as account numbers and passwords. With enough information, a con artist can run up bills on another person's credit card or, in the worst case, even steal that person's identity.

In a common type of phishing scam, individuals receive e-mail messages that appear to come from their financial institution. The e-mail message may look authentic, right down to the use of the institution's logo and marketing slogans. They often describe a situation that requires immediate attention and then warn that the account will be terminated unless the recipient verifies their account information immediately by electronically selecting a provided link.

The link will take the e-mail recipient to a screen that asks for account information. While it may appear to be a page sponsored by a legitimate financial institution, the information will actually go to the con artist who sent the e-mail message.

The federal financial regulatory agencies want consumers to know that they should never respond to such requests. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.