How Much Money Lost To Phishing?

from the quite-a-bit-of-money dept

Wonder why you’re receiving so many phishing emails lately? Apparently, they’re incredibly effective. We’ve noticed this in the past, as tests have shown just how easily people are fooled — even those who are watching out for phishing scams. However, a new report is estimating that phishing scams have brought in half a billion dollars from US internet users. Of course, other studies have claimed even higher numbers, so maybe this is a “low” estimate. In this particular report, however, the researchers found about 2% of people admitted to be successfully scammed, with an average loss of about $115.

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Comments on “How Much Money Lost To Phishing?”

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Oliver Wendell Jones (profile) says:

Some are really smooth...

I got one at work (should have been my first clue) that said I had entered an online drawing and won a free X-Box game system.

It went on to say that my information had been entered either through a website or by submitting my information to a vendor booth a trade show (this offset my initial reaction to “why my work e-mail?”).

I went ahead and clicked the link after checking the e-mail’s source code to make sure it was just a web page – it was. Again, it looked fairly legit.

The page reitterated that yes, I had really won a free X-Box system and all I would need to do was pay the $7 for UPS Ground shipping, or I could upgrade to 2nd Day for $19.95.

It wasn’t until about the 3rd of 4th page that I got to the part where it said “Our merchant account is currently experiencing problems and we can’t accept credit cards at this time, please use your ATM/Debit card and provide us with your account number, expiration date, PIN and the 3 or 4 digit security number on the back of your card.”

I was suspicious all along – assuming it was some sort of scam – but it wasn’t until that point that I knew for sure it was, but how many people who don’t know better and fell for it?

Ed (user link) says:

2 percent?

New technology ending phishing works 100%. So if you fall for phishing or they get you somehow, have a big laugh. The technology keeps accounts save from phishers. Please support the project with your share of crowd funding. Take your following with you to help. Read more at
The aim of the project is not only stopping fraud through phishing, but other types of fraud as well. But stopping phishing 100% is a great success. Start your support here.

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