A recent comprehensive analysis of spam messages sent during March reveals that financial fraud now accounts for 9% to 11% of global spam, up from 3% to 5% a year ago. According to the research, South Korea is the largest source of spam and the vast majority of spammers continue to host their Web sites in China. The study by CA-based Commtouch Lab shows phishing continues to be the single most dangerous type of email fraud, accounting for larger financial losses than any other scheme. However, stock manipulation schemes are most prevalent. According to a report released two weeks ago by the Anti-Phishing Working Group, there were more than 13,000 unique phishing attacks during February. The APWG says it is witnessing a disturbing uptick in field reports of malicious code being employed to either filter consumers’ logins and passwords from their keystrokes or to redirect them to convincing counterfeit sites even when observing the “best practice” of directly keying a bank’s URL into the browser’s address bar (so-called “Pharming”). The AWPG also has been watching so-called “technical subterfuge” attacks.