Social networking sites have been all the talk in the news this week. If you are among the millions who message on MySpace, or any of the thousands of sites similar to it, here's the latest security news you won't want to miss:

- Crafty cyber-thieves are skimming personal details from social networking sites to use in targeted attacks.

- Two teenagers that were accused of trying to extort $150,000 from MySpace in return for not deploying an exploit code have pleaded no contest to a charge of unlawful access of computer data. After discovering a flaw that allowed them to track the personal information of the site's members, MySpace blocked the weakness, only to have the pair attempt to extort money in exchange for not deploying a new exploit.

- A new MySpace Trojan has been discovered, according to reports. The malware is located in banner messages, tempting you to click on a malicious link that downloads and installs spyware on infected PCs. The end goal is to con you into buying rogue anti-spyware software.

For an in-depth look at the good, the bad, and the ugly sides of the reigning king of social networking sites, take a look at the March issue of Lavasoft News.