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Email spoofing is the creation of email messages with a forged sender address. The core email protocols do not have any mechanism for authentication, making it common for spam and phishing emails to use such spoofing to mislead or even prank the recipient about the origin of the message.
Phishing is the fraudulent attempt to obtain sensitive information or data, such as usernames, passwords, and credit card details, by disguising oneself as a trustworthy entity in an electronic communication. Typically carried out by email spoofing, instant messaging, and text messaging, phishing often directs users to enter personal information at a fake website which matches the look and feel of the legitimate site.
Fraud through Spoof and Phishing E-Mails is costing South African business owners millions daily. Most perpetrators are professional scammers and extremely difficult to catch. Even when they are successfully traced, recovering the money is close to impossible. Investigations have revealed that bank employees often simply don’t care and shockingly, in some instances, their employees are in on the scams!
Financial Institutions could be held vicariously liable for damages.