In an analysis of e-mail-based fraud released yesterday, network giant Cisco quantified what newspaper headlines over the past year have made clear: cyberfraud has shifted from mass, generalized attacks to very specific spearphishing hits that harness stolen user information to dupe unwitting consumers (such as bank customers and cardholders) into divulging account information.

Classic e-mail fraud is down. Cisco says the overall volume of spam has dropped from 300 billion e-mails in June 2010 to 40 billion in June 2011. The money cybercriminals make from mass e-mail-based attacks has declined more than 50 percent from $1.1 billion to $500 million in that same timeframe.

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