Phishing costs $8.5 billion

This recent article is provided by MX Logic.

Consumer Reports study publishes severity of these scams

Computer viruses, phishing scams and spyware have cost the US economy $8.5 billion over the past two years, according to a new report.

Published by Consumer Reports, the study showed that more than 500,000 computers have had to be replaced during the past six months because they are infected with various forms of malware.

However, the group indicated that there are signs that antivirus protection and web filters are combating threats more effectively.

Research showed that people currently have a one in six chance of becoming a victim of identity theft and fraud, down from one in four in 2007.

Despite this, it reiterated the threat that phishing scams pose.

"Phishing still thrives. It's easy for criminals to download sophisticated and cheap phishing kits that feature authentic-looking corporate logos and other tools," the report explained.