‘Are these silk or gossamer?’
‘Phishing’ refers to fraudulent practices whereby online scammers attempt to trick you out of important bank details by nefarious means. These fraudsters use two distinct methods:
(a) They pose as a bank or ebay/paypal, sending out sophisticated and authentic looking e-mails asking for account numbers, sort codes and other confidential information.
(b) They pose as wealthy overseas businessmen (Nigeria, Sri Lanka and South Africa are popular destinations), and (effectively) ask you to launder money for them. Of course, there is no deal to be had, because all they want is your bank account number and sort code.
Online fraud attempts have tripled over the last 12 months, and banks are starting to take a hard line against victims of ID theft. Yes, you did read that correctly, against victims of ID theft.
I thought the outcome of the OFT test case would bite hard, but not as hard as this. It was abundantly clear banks would abolish free banking should they lose the ‘unfair charges’ test case, but they’ve now decided unless you have a personal firewall, antivirus software and an anti-spyware package, you don’t have a claim.
Harsh? I think so. A cynical attempt to recoup profits lost through the inevitable abolition of unplanned overdraft fees? It’s difficult not to draw that conclusion, isn’t it?
I assumed, rightly or wrongly, the majority of ID theft victims would be in the 55-70 age group, dotty old pensioners waving their debit cards around like it’s VE day. How wrong I was.
Two thirds of all ID theft victims are under 30. The under 30s (not me unfortunately, although I can still mix it with the…..oh whatever) it seems are particularly blasé when It comes to ID security, and have no qualms conceding bank details on social networking sites to complete strangers. Way to go kids.
The major Achilles heel of the under 30’s though is their nomadic lifestyle. Moving from place to place (halls of residence, renting, shared houses and sofas) and constantly having to update your address details can be a drag, hence bills and bank statements can often end up being sent to previous abodes. The opportunities for vital data to fall into the wrong hands are endless.
So, can I offer two pieces of advice? Firstly, your bank will never write asking you to verify your account number or sort code, ever. In the light of increased phishing scams, they avoid correspondence of this type as standard practice. Don’t ever feel tempted to reply, because you’ll become another statistic of the online crime revolution.
Secondly (and this one is aimed at you crazy kids), even if you’re moving 3 or 4 times a year, keep your bank informed. It could save you thousands and thousands of pounds.
Ten top tips to staying secure online can be found in the Credit Card Guides section of CreditChoices.co.uk.
Does anyone have any additional security tips, or has anyone ever been a victim of a phishing scam? If so, please leave a comment below, and tell us your story.
Piers, Fearne and the npower Spin Machine
As one of these so called crazy kids who moves about every 6 or so months, my bank makes it very hard to change your address with them. Last time I tried it took no less than 6 phone call and 2 visits to my local bank.
I needed all my account details and passport as well as a number of other documents but the same bank is happy to lend me large amounts of money with only seeing my bank card.
I think that the banking system in this country has a lot to answer for when it comes to security, just look at how long it took to get chip and pin.
“antivirus software and an anti-spyware package”
That’s assuming you’re using a Windows OS. What the hell do they do when when someone uses Mac OS X or Linux, where the chances of a dangerous virus running wild, let alone actually getting infected, is practically zero?
James you mac lover, the day will come when your “nice” white mac is burnt by a virus! Then your bank account will be empty!!! HAHA
But that day hasn’t arrived yet. Even on my Windows machine I can’t be bothered to install all that crap.
James, do you not lock your door at home (if not what is your address?). A Windows box is like an house without a door, anyone with a bit of know how can walk in…..
Note to self, go to James’ place tonight and pick up my new Mac!!!
Yes I do lock my door. Also, the odds of a hacker finding me out of millions of other unprotected users is very small.
Why would I want to waste resources on programs which only cripple my machine with absolutely no gain whatsoever.
I assume you’re in the under 30s category James, because you’ve just illustrated the very same ‘devil may care’ attitude to ID security as most other 18 to 30 year olds.
When the son of a wealthy Nigerian double glazing magnate comes knocking, you’ll be the first on his hit list.
Yes James, I have a wealthy Brazilian uncle who just needs to move some money to the UK but doesn’t have a bank account….
What was your sort code and account number again?