Feeds

One in 200 success rate keeps phishing economy ticking over

Nibbles add up to big haul

Protecting users from Firesheep and other Sidejacking attacks with SSL

Phishers only need to land a minute percentage of victims to make scams worthwhile.

Stats culled from Trusteer's anti-phishing browser plug-in, which is offered by banks to their clients as a transaction security add-on, revealed that 0.47 per cent of a bank’s customers fall victim to phishing attacks each year. The figure comes from the number of users who visited and attempted to enter data onto a known phishing site but escaped because they were using Trusteer's Rapport browser security plug-in.

Half (45 per cent) of bank customers who are redirected towards a phishing site attempted to hand over their login credentials.

The overall response rate to phishing scams translates to between $2.4m-$9.4m in annual fraud losses (per one million online banking clients), according to Trusteer.

Trusteer's report (PDF) is worth considering because it looks at how many would-be marks respond to phishing emails (ie live attack data). Most surveys only look at how many phishing attacks are launched and what brands are targeted, without considering how successful these attacks actually might be.

The security software firm has come to prominence this year after signing up many banks, including NatWest and Alliance & Leicester in the UK, as customers of its transaction security software. Trusteer obviously has a vested interest in talking up the financial losses and danger posed by phishing but that doesn't mean it's necessarily wrong.

Harvesting online bank login credentials before cashing out compromised accounts is a major activity in the underground economy, which is growing more sophisticated and mature. The market has grown to the point where hackers have developed tools to harvest data from phishers, a sort of virtual stick-up.

The cyber equivalent of The Wire's Omar Little have developed an auto-whaling tool designed to harvest logins stored on phishing sites. Such attacks are possible because crooks themselves are making website security errors, as a blog post by FaceTime security researcher Chris Boyd explains. ®

The next step in data security

More from The Register

next story
Israeli spies rebel over mass-snooping on innocent Palestinians
'Disciplinary treatment will be sharp and clear' vow spy-chiefs
Infosec geniuses hack a Canon PRINTER and install DOOM
Internet of Stuff securo-cockups strike yet again
THREE QUARTERS of Android mobes open to web page spy bug
Metasploit module gobbles KitKat SOP slop
'Speargun' program is fantasy, says cable operator
We just might notice if you cut our cables
Apple Pay is a tidy payday for Apple with 0.15% cut, sources say
Cupertino slurps 15 cents from every $100 purchase
YouTube, Amazon and Yahoo! caught in malvertising mess
Cisco says 'Kyle and Stan' attack is spreading through compromised ad networks
Hackers pop Brazil newspaper to root home routers
Step One: try default passwords. Step Two: Repeat Step One until success
Greater dev access to iOS 8 will put us AT RISK from HACKERS
Knocking holes in Apple's walled garden could backfire, says securo-chap
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.