Millions of people have gotten "urgent" emails asking them to take immediate action to prevent some impending disaster. People who click on the links in these emails may see a web page that looks like a legitimate site they've visited before. Because the page looks familiar, these people enter their username, password, or other private information on the site. What they've actually done is given an unknown third party all the information needed to hijack their account, steal their money, or open up new lines of credit in their name. They just fell for a phishing attack.

At the Google blog.

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