• by Wendy Davis , Staff Writer @wendyndavis, October 9, 2008

The current financial mess might be bad news for most businesses, but at least one group of people sees an opportunity in the crisis -- phishers.

The FTC today issued an alert warning Web users to beware of spam relating to the Wall Street crisis. "Online scammers are taking advantage of tough economic times. While e-mails phishing for sensitive data are nothing new, scammers are taking advantage of upheavals in the financial marketplace to confuse consumers into parting with valuable personal information," the agency states.

A USA Today article also notes how fraudsters have been leveraging the banking industry's woes. "Most of the scams center on spam and phishing against the backdrop of bank failures, mergers and takeovers," the paper reports. The newspaper adds that customers of JPMorgan Chase and Washington Mutual "are being inundated with phishing attempts as Chase navigates an acquisition of Washington Mutual."

Citigroup and Wachovia customers also are potential targets, the paper states.

Spammers aren't the only ones who see a way to make money off of the current economic woes.

At least one search marketer, operator of the Web site ShortSaleMagic.com, now appears as a sponsored link when Google users search on the term "bailout." The site sells the $39.95 book "Short Sale Magic," which teaches readers how to buy "a first or second mortgage from a bank or lender for pennies on the dollar."