Phishing and Insider Fraud

The practice of Fishing is the removal of a creature from its habitat which does not wish to be removed.

The practice of Phishing in many ways is not dissimilar, and is the removal of information from an individual who does not wish to provide the information which has been removed.

Other than the similar sounding name, there is a world of difference between the two, and this article looks at the fraudulent activity of Phishing, the means by which the victim can then be persuaded to give up information and the consequences which then are likely to take place.

Many of us will be familiar with the letters which would arrive from some high ranking individual, usually in a foreign country who as a result of a substantial profit on a contract, or some other unexpected gain, had very substantial funds locked up, which could only be released if the bank account of the person who had received the letter, would allow their account to be used, for a substantial percentage to enable the funds to be transferred, then to be paid to the foreign individual.