Internet Banking Fraud
Internet Banking is a safe way to manage your money. However, there are internet fraudsters around who will try to gain access to your accounts by emailing you and prompting you to disclose your online banking security details to them.
How do fraudulent (known as phishing) emails work?
Typically you will receive an email claiming to be from your bank, either requesting your security details (perhaps as part of an update or confirmation process) or asking you to follow a link to a site where you will be encouraged to provide a range of information such as your credit card number, personal identification number (PIN), passwords or personal information, such as mother's maiden name.
Clicking on the link takes you to a fake website, designed to look like your bank's website, but operated by the fraudster.
Fraudulent emails and websites can be very convincing and fraudsters are continually inventing new approaches to try to get you to reveal your security details, so you need to be on your guard.
What do fraudulent emails look like?
To view copies of fraudulent emails which have been in circulation recently visit www.banksafeonline.org.uk| Bank Safe Online is the UK banking industry's initiative to help online banking customers stay safe online and is run by APACS on behalf of its member banks.
Here's a copy of one such email that a local person from Torfaen had received...
The lady in question, who shall remain anonymous, received this email in August 2007. Believing that the email was genuine, she clicked on the link and logged in using her personal details. Her account became locked almost immediately. The following day she received a statement from Nationwide that showed two transactions; one for a transfer out of £3650 and another transfer out for £2300. The first transfer left her account but the second one was stopped by Nationwide as an alarm must have been triggered. After about 2 weeks, Nationwide gave her £3650 back.
What should you do to avoid being caught?
To protect yourself from such scams, remember the following:
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A legitimate financial institution will never ask for your account information via an email
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Do not follow links provided in an email requesting any form of financial information
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Call your local bank and ask for verification before responding to any form of electronic correspondence alleging to be from your bank