When you visit a website that uses a secure connection, the color of the Security Status bar tells you whether the certificate is valid or not, and it displays the level of validation that was performed by the certifying organization.
1. Red: The certificate is out of date, invalid, or has an error
Phishing Filter in IE7 has identified this as a fraudulent website that has been reported to Microsoft.
2. A problem exists with the encryption certificate used (i.e. it has been revoked or has expired).
