By sending Email Phishing attempts to the account you setup, the spider creates a preview and all a link to the site is created (Note: When forwarding Phishing emails exclude any signatures).
Peers then look at the site and decide and vote if it is a phishing attempt or not. The system is well designed and frequent updates help keep the site robust.
I advise anyone with Phishing sites in their mailbox (spam folder) to sign-up and email them in. If you have more time then also evaluate a Phishing site.
A Quick note on how to evaluate if a webpage is a Phishing Site:
1. Make sure you know the company (e.g., eBay) and what their site looks like originally (e.g., www.ebay.com). This means you are familiar with the company’s website you are evaluating.
2. Using Firefox, right click on the Phishing webpage, go to View Page Info -> Forms and look closely at the Method: post . (This is where the users information will be sent)
3. At this stage there are a number of things to notice:
a) If the post is done to the phishers’ website.
b) If there is a second post. (It is usually seen that Phishing webpages post the users information to their site and to the company’s official web site, eventually login in the user).
4. These points should be enough for you to go ahead and evaluate a phishing site.
Warning: Never input your details in these sites! They are real Phishing attempts!
Update: I have used Firefox for it simplicity, other browsers can be used. The user will then have to view the source code of the site and look at where the Form is being posted. This means looking for the form html tag and the attributes method and action.