Two-thirds of all phishing attacks detected worldwide in the second half of last year can be traced to a single electronic crime syndicate, according to a new report.

The Anti-Phishing Working Group said the Avalanche phishing gang successfully targeted approximately 40 banks and online service providers and other online domains as it perfected its system for mass-producing phishing sites.

"The losses by banks and individual Internet users were staggering," said Greg Aaron of Afilias, a member of the APWG coalition that includes more than 3,300 companies, government agencies and other organizations.

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