CastleCops.com started a new community driven effort to stop phishing scams. They call it PIRT. For those of you who don't know, read up on
phishing on wikipedia.
To lend a hand with the community watch, when you know that an email is a phishing attempt, forward it to pirt (at) castlecops (dot) com. It is as easy as that. They will investigate the contents of the email. If it turns out to be a phishing attempt, they will contact the systems administrators for the sites were the attack web page is hosted. They noted the vast majority of attack sites are being hosted on compromised web servers ;(
I estimate that about 3% of all my junk email on an average day are phishing scams. Since my account is located on a educational host, I'm guessing this is a little higher than the average - but I don't have any proof.

Stop Phishing Scams at the source...