Phishing – What Does it Mean?

Phishing is fast becoming the preferred choice for hi-tech criminals to access your bank accounts and credit card details through the internet. Many of the UK’s online shoppers and bankers are unaware of this scam. Protecting yourself from the phishers is paramount if you are a frequent user of credit cards on the internet.

We all know the fear and trepidation of what the consequences would be if we were to become a victim of identity theft, whether it is through gaining details from inadequately discarded bank statements or unlawful entry to your property to steal your personal details. A new way of stealing your identity has come to the forefront with more people banking online and using credit cards to purchase goods form online shopping sites. It has been given the apt name of phishing.

E-mail - The scam starts when you receive an email form your bank stating that there is something wrong with your account. Within the email there will be a link to the bank’s website.

Website – The website that the link directs you to is not the bank’s official website. The fraudsters set up a website that is identical to the official website giving you the impression that there is nothing untoward and reeling you into their trap. The fraudsters use a bug to mask the address of the fraudulent website and instead will be displayed the address of your bank’s official website.

Personal Details – You will be prompted to give your personal details such as account numbers, expiry dates and pin codes, this should send alarm bells ringing. A bank will never ask you to disclose your pin code.

Once the criminals have your details they will empty your bank account and run up debts on your credit cards. The first you will know about it is when you try to get money from the bank or try to use your credit card. The damage will already have been done and you will be left with the headache of trying to sort it all out.

Major Banks are already hitting back with new ways of stopping these criminals accessing accounts. Lloyds TSB have launched a trial initiative where around 30,000 customers of their online banking facility will be given a security device as an extra layer of security. It works in addition to your passwords and user ID and sends a one time pass code that is authenticated by the bank’s computer. Extra security not only plays a part in stopping criminals using your credit card information or wiping out your bank account but helps reassure customer confidence in shopping and banking online.

Awareness of the phishing scam will help to deter you from responding to these emails, if you are doubtful of any email from your bank or credit card company it is wise to phone them to validate the email first.