Below is a summary of RSA’s November Online Fraud Report:-

The humble beginnings of phishing

The term ‘phishing’ was coined in 1996 by hackers who managed to steal America Online (AOL) accounts by coaxing username and passwords from unsuspecting users. At the time, hacked accounts were dubbed ‘phish’; within a year, ‘phish’ was actively being traded between hackers as a form of electronic currency that was of value to them. ‘Phishers’ used to go after compromised e-mail accounts in order to send out spam.

In its early days, phishing was not looking to steal bank account information or even financially driven for that matter. It was only when phishers realized that it was relatively easy to convince web users to divulge their passwords that they inevitably saw it as a way to monetize data. Now going beyond spam, phishers added a criminal layer to their activities and began thinking of ways to compromise more valuable credentials, especially those which afforded online access to bank accounts.

Phishing became a fraudster’s gold rush.

Phishing Attacks per Month

In October, phishing volume dropped nearly 40 percent – from 38,970 attacks in September to 24,019 attacks. This decline was mainly due to a drastic reduction in the number of phishing attacks targeting brands that were heavily attacked in September.

Number of Brands Attacked

Last month, 298 brands were targeted with phishing attacks, marking just a slight drop from September. Eleven brands endured their first attack in October while 51 percent of the brands targeted last month endured less than five attacks each.

US Bank Types Attacked

The portion of brands targeted among U.S. credit unions increased eight percent while brands targeted among U.S. regional banks saw a 13 percent decrease in October (from 25% to 12%). However, U.S. nationwide bank brands continue to endure the highest number of attacks, accounting for nearly 75 percent in October.

Top Countries by Attack Volume

In October, the UK continued to be the country that endured the most phishing attacks, just slightly ahead of the U.S. by a mere one percent. South Africa endured eleven percent of the phishing volume in October, followed by Brazil and Canada.

Top Hosting Countries

In October, the US hosted 54 percent of the world’s phishing attacks, followed by Germany with seven percent and the UK with four percent. Since October 2010, the only countries that have consistently hosted the highest portions of phishing attacks have been the US, UK, Germany, France and Russia.

The full RSA Report can be found here.

The RSA October Online Fraud Report Summary is here.

The RSA September Online Fraud Report Summary is here.

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