Scammers Exploiting Current Banking Crisis

According to statistics given by security services provider MessageLabs, September 2008 saw an increase in the total number of phishing e-mail attacks as scammers tried to exploit the ongoing confusion surrounding bank acquisitions and mergers.

The company says that during August-September 2008, phishing attacks increased 16% prior to a sweeping 103% in the following month as online criminals tried to steal private information from confused and worried bank customers.

Moreover, BoA (Bank of America) currently undergoing merger with Merrill Lynch has been one of the major targets. According to MessageLabs, on October 16, 2008, it intercepted 7,000 phishing e-mails over just two hours, exploiting the Bank's critical situation with attacks accounting for 1.2% of the total number on that day.

The number of attacks increased next day with 15,000 e-mails intercepted. The attacks subsequently increased by the end of the week, with 125,000 attacks recorded on 18-19 October 2008 and accounting for 16% of the total during the period.

Further, scammers then abandoned BoA and started targeting American Express, sending 35,000 e-mails to its customers on October 20, 2008. MessageLabs attributes the rise in phishing attacks against BoA and American Express to the Cutwail botnet, at present the biggest botnet controlling more than 1 Million active bots. Small state banks, retail Websites and credit unions have also been affected by rising spam activities against them.

According to Mark Sunner, Chief Security Analyst, MessageLabs, during the hard time when major banks are forming international headlines, it isn't surprising that spammers catch up with the financial crisis to exploit anxious consumers and vulnerable investors. These two groups of people have been severely affected with the happenings in recent months and are waiting to get some relief or be aided with renewed confidence, as reported by finextra on October 21, 2008.

Apart from the above mentioned attacks, MessageLabs says that spammers are further expanding their businesses by raising the number of messages offering debt consolidation, mortgages, financial advice and credit counseling.

Moreover, MessageLabs reminded people that banks and other financial institutions never solicit personal or account information from consumers over e-mail.

Related article: Scammers Exploit Tax System Resulting in ID Theft

» SPAMfighter News - 11/3/2008