"Security researchers have noticed a decline in phishing e-mails so far in 2009, which some attribute to users getting savvier about bogus e-mails. This may just be one side of the story, though, as the bad guys are turning to trojans and other malware to accomplish the same ends.
Phishing e-mails have dropped during the first half of 2009, indicating that cybercriminals are looking for other ways to scam unsuspecting users. Researchers from IBM’s Internet Security sector, X-Force, revealed in their Mid-year Trend and Risk Report that banking Trojans appear to be taking the place of phishing for financial info. This trend is reflected by other security firms, too, but not everyone agrees on whether this is a true shift or just a temporary dip." – Content courtesy of Phishers cut bait, slip on trojans instead – Ars Technica