Phishing is a growth industry for criminals, according to some recent alarming statistics. The average haul by criminals is going up, while the percentage of recoveries is going down.

According to Gartner analyst Avivah Litan the phishers are getting five times the amount they were, from and average of $257 in 2005 to $1,244 in 2006. Litan also predicted the total losses for the 12 months up to Aug. 30, 2006 to be $2.8 Billion.

The methods that phishers are employing is evolving as well. The days of relatively simple attack involving an email trying to trick consumers into handing over their bank or credit card information are fading. With bank or credit card scams, there was recourse for the consumer. However, newer attacks such as methods cited by Litan “They’re using sweepstakes offers, lottery offers, fake auctions, and attacking PayPal.”, there is little or no recourse. This makes it more important than ever for consumers to be cautious with whom they will engage in a financial transaction.

Source: TechWeb