A Phishing scam is... well, I'll just
let the webopedia define it because I'm too lazy to write a definition myself. Phishing is
"the act of sending an e-mail to a user falsely claiming to be an established legitimate enterprise in an attempt to scam the user into surrendering private information that will be used for identity theft. The e-mail directs the user to visit a Web site where they are asked to update personal information, such as passwords and credit card, social security, and bank account numbers, that the legitimate organization already has. The Web site, however, is bogus and set up only to steal the user’s information." Here's
a very good example of a phishing scam that
David Mitchell received in his email and put up on his site. It looks pretty convincing. I could see how people would be fooled by it.
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If your update will not be completed in 5 days, your account will be removed.
Almost all of these "phishing" scams have bad grammar. It's a real diagnostic for this kind of hoax.