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"A series of fraudulent emails convinced university staff to change electronic banking information for one of the university's major vendors. One example of a high-profile incident: in July 2017, MacEwan University in Edmonton, Alberta, Canada fell victim to a phishing attack.
It's hard to put a total cost on the fraud that flows from phishing scams, but the FBI suggests that the impact of such scams could be costing US business somewhere around $5bn a year, with thousands of companies hit by scams annually.
Some might even look like they come from your friends, family, colleagues or even your boss. Some phishing campaigns remain really, really obvious to spot - like the prince who wants to leave his fortune to you, his one long-lost relative, but others have become to be so advanced that it's virtually impossible to tell them apart from authentic messages. Nonetheless, in the early days of the internet, people knew even less about potential threats that meant these attacks still found success - many of these are still effective. Many early phishing scams came with tell-tale signs that they weren't legitimate - including strange spelling, weird formatting, low-res images and messages that often didn't make complete sense. Following the initial AOL attacks, email became the most appealing attack vector for phishing scams as home internet use took off and a personal email address started to become more common. While the fundamental concept of phishing hasn't changed much, there have been tweaks and experimentation across two decades as technology and how we access the internet has changed. In many ways, it has remained very much the same for one simple reason - because it works. AOL provided warnings to users about the risks, but phishing remained successful and it's still here over 20 years on. These early attacks were successful because it was a new type of attack, something users hadn't seen before.
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The consensus is that the first example of the word phishing occurred in the mid-1990s with the use of software tools like AOHell that attempted to steal AOL user names and passwords.
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It's also likely a reference to hacker history: some of the earliest hackers were known as 'phreaks' or 'phreakers' because they reverse engineered phones to make free calls.
The overall term for these scams - phishing - is a modified version of 'fishing' except in this instance the one doing this fishing is the crook, and they're trying to catch you and reel you in with their sneaky email lure. The message that comes with the document aims to trick the potential victim into enabling macros to allow the document to be viewed properly, but in this case it will allow the crooks to deliver their malware payload. One common technique is to deliver a Microsoft Office document that requires the user to enable macros to run. Cyber criminals have also attempted to use the 2020 US Presidential election as a means of attack. For example, 2020 has seen cyber criminals extensively send emails that supposedly contain information about coronavirus as a means of luring people into falling victim.
Attackers will often use high-profile events as a lure in order to reach their end goals.
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