“Phishing” is a form of Internet fraud that aims to steal valuable information such as credit cards, social security numbers, user IDs and passwords. A fake web site is created that is similar to that of a legitimate organization, typically a financial institution such as a bank, credit union or insurance company. An email is sent requesting that the recipient access the fake web site (which will usually be a replica of a trusted site) and enter their personal details, including security access codes.

Phishing e-mails are often sent to large lists of people, expecting that some percentage of the recipients will actually have an account with the real organization.

The term comes from "fishing," where bait is used to catch a fish. In phishing, e-mail is the bait.

A "419" scam, which is named for Section 419 of the Nigerian Penal code is a scheme originating from Nigeria and other countries by letter, fax or e-mail. Sometimes the scams ask for recipients´ personal information, such as address, telephone number, account numbers, copies of passports and driver's licenses.

While the scams vary, they all work under the same premise to scam consumers out of their money. Many of these scams involve counterfeit official instruments such as cashier's checks, official checks or money orders.

Example - As reported on March 6, 2007, fraudsters used the House Financial Services Committee's letterhead in fraudulent messages that instructed recipients to pay a fee in order to receive funds left to them in an inheritance.

The House committee informed the Office of the Comptroller of the activity, and OCC sent an alert out warning financial institutions of the incident.