Spike in Bank Phishing Due to Economic Crisis

Remember when you got the phishing scam email claiming that your Wells Fargo account data needed to be updated, but you just deleted it because you don't even have an account with Wells Fargo? Or, how about when Bank of America contacted you to let you know that your account may have been compromised in a recent security breach, but you were too smart for that one as well because you don't do business with Bank of America? Well, the water is a little muddier now and the phishing attacks are seeking to exploit that.

You may not have heard, but recently there was somewhat of a financial catastrophe that struck the United States. Then Bank of America bought Merrill Lynch. Washington Mutual was snatched up by J.P. Morgan - Chase. Wells Fargo is taking over Wachovia. Banks are collapsing. Investment firms are folding. All of this cna be confusing and difficult to keep track of, and offers attackers an opportunity to exploit that confusion. Now, when you get an email from Wells Fargo you have to stop and think "Did they buy the bank I use? Maybe I *am* a Wells Fargo customer now?"

For more about the threat, take a look at this Microsoft MSDN blog post. In addition, check out my article on protecting yourself from phishing scams.