What is phishing?

Somebody asked me recently, what is phishing? Instead of re-inventing the wheel, allow me to link to a few of the resources already out there that explain what phishing is and why it is a problem.

What is phishing? From Wikipedia: "Phishing is the attempt to acquire sensitive information such as usernames, passwords, and credit card details (and sometimes, indirectly, money), often for malicious reasons, by masquerading as a trustworthy entity in an electronic communication."

From Microsoft: "Phishing email messages, websites, and phone calls are designed to steal money." Included are examples of what a phishing scam in an email message might look like.

And here is more information from the FTC's Consumer Information site.