What type of cyber fraud involves sending forged emails that impersonate an online bank?

Phishing is a type of cyber fraud that specifically involves sending forged emails designed to mimic legitimate sources, such as online banks or other financial institutions. The primary goal of phishing is to deceive recipients into providing sensitive information, such as login credentials, credit card numbers, or personal identification details. This is typically accomplished by creating a sense of urgency or fear, prompting the target to act quickly without verifying the email’s authenticity.

The emails often contain links to fake websites that look like the real bank's website, further facilitating the fraudulent effort to collect personal data. Understanding phishing is critical in personal finance, as it helps individuals recognize and avoid potential threats, ensuring the safety of their financial information.