This research paper describes phishing attack and the various counter measures available in order to prevent and rectify it.It gives an in depth study of the various malicious strategies used by attackers to deceive users and harvesting personal information.This paper also focuses on the man-in-the-middle attacks as a sophisticated form of phishing attack.. It then examines the various available solutions to phishing and the failures associated with each of these solutions.It also focuses on the possible upcoming solutions to phishing.All in one this paper identifies the various trends and technical abilities utilized in conducting phishing scams and the currently deployed countermeasure alongwith a feasible futuristic approach.