What exactly is phishing? What does it mean and what does it do?

Its online fraud for instance an email that has been made to look like its an official email from your bank, asking you for account details, which actually sends your details to criminals.

http://en.wikipedia.org/wiki/PhishingWhat exactly is phishing? What does it mean and what does it do?
phishing is the act of sending emails, creating false websites. But making them appear to seem legit. like myspace phishers would often use myspac.ecom (A common misspelling) to trick people into the fake site. Or receiving emails about your bank requiring your account number to verify funds.