Identity Theft Over The Internet: Phish Fry

When you hear about some fairly new identity theft scam like the pay at the pump con or the parking violation scam that was unveiled in Iowa not too long ago, other forms of theft like phishing seem almost ancient in comparison. But it still works. How effectively? In the two years this specific international scam was unveiled identity thieves have stolen close to two million dollars from Wells Fargo and Bank Of America customers. That came to an end recently when a joint sting operation code name Phish Phry carried out by the FBI and Egyptian law enforcement officials nabbed one hundred suspects fifty three of them in the United States. Phishing occurs when a scammer sets up a dummy website meant to look like the genuine article. They then spam out urgent emails telling the intended victim that something is wrong with their account and the only way to fix it is by clicking the link contained within the email. Once someone does they are taken to the fake site and asked to provide the "right" information. After the victim does just that they get cleaned out money wise by the thieves. It's phishing in the sense the identity thieves are not looking for a specific target. They continuously spam out thousands of emails hoping that some one will take the bait. And someone always does because they do have an account at that financial institution and the email is written in such away that it gets their emotions (normally fear) racing before they fully comprehend what is happening. It's also understandable that since the internet has become such an integral part of our lives that it would stand the reason your bank would contact you that way. They won't but phishers are gambling that you will not know that. This particular con was no different in that aspect. However the expertise level these folks are operating on is something to be concerned about. Keith Bolcar is Acting Assistant FBI Director in Los Angeles, "The sophistication with which Phish Phry defendants operated represents an evolving and troubling paradigm in the way identity theft is now committed. Criminally savvy groups recruit here and abroad to pool tactics and skills necessary to commit organized theft." That means they are getting smarter and smarter about what they are doing. That's not hard to figure since there are a number of things working to their advantage. Things such as there are no full proof ways to avoid becoming a victim of identity theft and of course all the new technology available to make the scam more successful. The good news it appears law enforcement is also getting smarter and smarter in the way it combats identity theft. No doubt they have some catching up to do but it's nice to see a victory like this from time to time.