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Douglas Harper's Etymology Dictionary
phishing

in the cyber scam sense, by 2000 (some sources cite usage from 1995); alteration of fishing (n.); perhaps by influence of phreak and the U.S. rock band Phish, which had been performing since 1983.\n

Wiktionary
phishing

n. 1 (context computing English) The act of sending email that falsely claims to be from a legitimate organization. This is usually combined with a threat or request for information: for example, that an account will close, a balance is due, or information is missing from an account. The email will ask the recipient to supply confidential information, such as bank account details, PINs or passwords; these details are then used by the owners of the website to conduct fraud. 2 The act of circumventing security with an alias. vb. (present participle of phish English)

Wikipedia
Phishing

' Phishing' is the attempt to obtain 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. The word is a neologism created as a homophone of fishing due to the similarity of using a bait in an attempt to catch a victim. Communications purporting to be from popular social web sites, auction sites, banks, online payment processors or IT administrators are commonly used to lure unsuspecting victims. Phishing emails may contain links to websites that are infected with malware. Phishing is typically carried out by email spoofing or instant messaging, and it often directs users to enter details at a fake website whose look and feel are almost identical to the legitimate one. Phishing is an example of social engineering techniques used to deceive users, and exploits the poor usability of current web security technologies. Attempts to deal with the growing number of reported phishing incidents include legislation, user training, public awareness, and technical security measures. Many websites have now created secondary tools for applications, like maps for games, but they should be clearly marked as to who wrote them, and users should not use the same passwords anywhere on the internet.

Phishing is a continual threat, and the risk is even larger in social media such as Facebook, Twitter, and Google+. Hackers could create a clone of a website and tell you to enter personal information, which is then emailed to them. Hackers commonly take advantage of these sites to attack people using them at their workplace, homes, or in public in order to take personal and security information that can affect the user or company (if in a workplace environment). Phishing takes advantage of the trust that the user may have since the user may not be able to tell that the site being visited, or program being used, is not real; therefore, when this occurs, the hacker has the chance to gain the personal information of the targeted user, such as passwords, usernames, security codes, and credit card numbers, among other things.