2008 Witnessed More Phishing Attacks with Rise in Fraud-as-a-Service

According to RSA Security's recently published annual Anti-Fraud Command Center phishing Trends Report, the volume of worldwide phishing attacks increased 66% to 135,426 unique attacks in 2008 in comparison to a little more than 90,000 such attacks in 2007.

The report states that during January-June 2008, RSA recorded a dramatic rise in the total number of phishing assaults, reaching a peak of 15,002 in April. Attacks from the Rock Phish Gang as well as those via the fast-flux technique represented more than 50% of all phishing assaults detected by RSA during January-June 2008.

The number of attacks declined sharply at the rate of 68% over June-July the same year, with the lowest number of attacks for 2008 reported at 7,099 in August.

Then, there was a moderate upward trend in the number of phishing attacks, detected for the three months spanning from September to November 2008, following which the volume declined again in December 2008 to nearly the lowest level for the twelve months of 2008 accounting for 8.040 phishing assaults.

The report further states that in 2008, the US was responsible for the maximum number of phishing attacks targeted at brands, while the UK accounted for the maximum number of overall attacks. This trend in the UK was the result of a rising number of attacks targeting a few financial institutions in the country during 2008.

Taking cue from the report, Andrew Moloney, European Marketing Leader, RSA, said that 2008 had seen a steady increase in the fraud-as-a-business activity involving illicit sales and purchases of malware and services to enable cyber criminals to reach their target victims, as reported by Vnunet on February 18, 2009.

Mr. Moloney further said that the ongoing financial crisis was increasing pressure on organizations to perform more while using lesser amount of security resources, potentially putting them in greater danger.

Meanwhile, RSA's security specialists stated that organizations need to consider automating their security procedures wherever possible, ensuring the deployment of the right personnel who are able to comprehend and prioritize possible attacks, and blending security procedures with their business' core methods.

Related article: “Loopholes did not cause online banking thefts”: ICBC

» SPAMfighter News - 3/3/2009