The world's most active phishing gang is no longer phishing as much, researchers said, but that's not necessarily good news.

The Avalanche gang instead has moved from using conventional e-mail spam to trick users into entering their PINs and passwords at spoof sites and instead is relying more on infecting computers with the Zeus Trojan credential-stealing malware.

That's according to a new report from the Anti-Phishing Working Group, which said its research found that the Avalanche botnet infrastructure went from accounting for two-thirds of all observed phishing attacks in late 2009 to only four this past July.

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