Pretty much. Good sites come back with an empty response, and phishing sites come back with the quoted data. The more I look at this, though, the more it seems the data is user generated and pulled from additional sources, rather than determined algorithmically. Most of the sites are gone before Google would even have a chance to index them - after about three days on the phish list, they are mostly offline.

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The best way to learn anything, is to question everything.