(Direct Newsline)—Losses from fraudulent e-mail phishing attacks will total $137 million globally in 2004, estimates TowerGroup.

Phishing occurs when fraudulent marketers pose as legitimate entities such as banks and convince consumers to reveal private information such as credit and social security card numbers.

This number is expected to rise to over 86,000 by next year, as the practice spreads to customers of smaller financial institutions, new merchant/service-provider categories and new global markets.

In addition, TowerGroup found that:

• Phishing has become more advanced and multifaceted as organized crime rings have taken over much of its development.
• More effective targeting is increasing the efficiency of phishing attacks.
• Phishers are also integrating their scams with malicious software (or “malware”) downloads that makes the threat from these attacks more dangerous and more difficult to detect and prevent.
• The increasing frequency and sophistication of phishing can potentially to hurt consumer confidence in the Internet as a viable commercial channel.

Losses from fraudulent e-mail phishing attacks will total $137 million globally in 2004, estimates TowerGroup.

Phishing occurs when fraudulent marketers pose as legitimate entities such as banks and convince consumers to reveal private information such as credit and social security card numbers. This number is expected to rise to over 86,000 by next year, as the practice spreads to customers of smaller financial institutions, new merchant/service-provider categories and new global markets.

In addition, TowerGroup found that:

*Phishing has become more advanced and multifaceted as organized crime rings have taken over much of its development.

*More effective targeting is increasing the efficiency of phishing attacks.

*Phishers are also integrating their scams with malicious software (or “malware”) downloads that makes the threat from these attacks more dangerous and more difficult to detect and prevent.

*The increasing frequency and sophistication of phishing can potentially to hurt consumer confidence in the Internet as a viable commercial channel.