Phishing e-mails curtailing e-commerce growth

Phishing is the sending of an e-mail by cyberthieves with a link to a fake Web site that is disguised to look legitimate ,in order to lure recipients into divulging personal information.

Consumer confidence in the security of their online transactions is slipping due to the growth of phishing-related fraud and identity theft, Gartner reports. As a result, consumers are curtailing their online purchases.

Gartner estimates that 73 million adults who use the Internet received a phishing e-mail between May 2004 and May 2005, and that 2.4 million online shoppers lost money as a direct result of phishing.

Source: Computerworld