Indian firms acknowledge phishing, spyware threats

If statistical proof was needed of what is commonplace in anecdotes, it is now available, reports Narayanan Madhavan.

If statistical proof was needed of what is commonplace in anecdotes, it is now available. India is a prime hunting ground for phishing and spyware fraudsters –those who make you fake e-mail offers in get-rich-quick schemes, and those who steal your identity and passwords to make money in Internet transactions.

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"Phishing involves an attempt to fraudulently acquire sensitive information, such as usernames, passwords and credit card details, by masquerading as a trustworthy entity, such as a well-known website in an electronic communication. Fraudsters pose as representing popular sites such as Yahoo and eBay to steal personal details."

"These details are used to steal money from bank accounts or carry out e-commerce transactions illegally."

Threats could arise from activities such as free software downloads, use of instant messaging tools, visits to malicious websites and pop-up ads.

“Organisations were uncertain in quantifying financial loss incurred due to phishing attacks,” the statement said.

"The survey findings are an eye-opener and it may assist Indian CIOs in prioritising their IT security spend into technologies that protect organisations from emerging security threats," said Surendra Singh, India and South-East Asia head for Websense.

People lured into such offers end up coughing huge amounts which fraudsters take away on the ground that this was part of the preliminary requirements for transfer of money. The fraudsters usually vanish with the money.

The survey was conducted across four locations, Bangalore, Mumbai, Chennai, and Hyderabad between January to March.