History · Research
Short History Of Phishing
The history of phishing is believed to have started sometime in the 1990s. Back then, the only internet option was dial-up, which cost money. Although there was a 30-day free trial option, some people still didn't want to pay. So they came up with a method to change their screen names to appear as administrators, tricking others into sharing their login information. This is one of the earliest forms of phishing and what is believed to be the start of phishing's long history.
On May 4, 2000, the scammers stepped up their game with a new revolutionary tactic. They unleashed a wave of letters around the globe to mailboxes with the title "ILOVEYOU". The message was simple yet effective. People around the globe opened what seemed to be a simple text file, curious to see who their crush was, only to receive a worm that copied the victims outlook address book and sent it to the scammer. However, since the virus originated in the Far East, it was identified early Thursday morning, May 4th. By 8:30, major news services had fairly accurate details of the attack. Throughout the day, several precautions were taken to prevent the virus from spreading, and by the next morning, most e-mail systems were open and ready to use again.
The damage done by this bug was estimated to have cost $5 billion to $15 billion worldwide. With such severe damage, it served as a lesson on how effective and dangerous phishing scams could truly become.