It is the criminally fraudulent process of attempting to acquire sensitive information such as usernames, passwords, credit card information, account data etc. In Phishing, an imposter uses an authentic looking email or web-site to trick recipients into giving out sensitive personal information. For instance, you may receive an email from your bank (which appears genuine to you) asking to update your information online by clicking at a specified link. Though it appears genuine, you may be taken to a fraudulent site where all your sensitive information is obtained and later used for cyber-crimes and frauds.
Pharming (pronounced "farming") is an attack in which a hacker attempts to redirect a website's traffic to another, bogus website. Through pharming attack, the attacker points you to a malicious and illegitimate website by redirecting the legitimate URL. Even if the URL is entered correctly, it can still be redirected to a fake website.
In this the attacker convinces you that the site is real and legitimate by spoofing or looking almost identical to the actual site down to the smallest details. You may enter your personal information and unknowingly give it to someone with malicious intent.