Phishing refers to a common scam that begins with an e-mail claiming to be from a major online retailer, bank, or other financial/governmental institution (even to the point of featuring authentic logos and graphics). Common examples include eBay, PayPal, Visa, and the IRS. The message will typically state there's an "urgent problem" with your account and that you must respond by clicking the link provided, which will take you to a website where you will be required to enter sensitive information. But if you divulge that information, you become highly susceptible to identity theft.
If you actually have an account with the firm a questionable message appears to originate from, type the firm's URL into your browsers (DO NOT click the message link) and check the firm's website for updates on phishing attempts. If you are still uncertain of the message's legitimacy, use the telephone and/or e-mail contacts shown on the company's website (DO NOT use any e-mail addresses, telephone numbers, or URL's shown in the phishing message.) If you don't have an account with the company, which is often the case, simply delete the email.
Legitimate businesses and government agencies should never solicit/initiate account administration activities or ask you to provide confidential information via e-mail.