Internet fraudsters are trying to take advantage of those in poor financial straits as a result of recent Wall Street turmoil, it has been revealed.

USA Today reports that former and current customers of firms such as Washington Mutual and JP Morgan Chase are being targeted by phishing emails, which attempt to steal user information by using the proposed merger between the two companies as a backdrop.

According to Netcraft, similar phishing attempts occurred when Citigroup showed interest in purchasing Wachovia last month.

Andre Gold, ING's ex-chief of information security, commented: "It's a new spin on old tactics."

The cyber crime attempts are yet another problem facing those in debt, who are already struggling to obtain credit as easily as they used to because of the financial squeeze.

According to Xinhua, analysts have predicted that Americans will cut their spending in the third quarter of 2008 for the first time in 17 years.

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