| Susan Littlegate has been a victim of online fraud not | | | | protect yourself against online fraud: - |
| once but twice. In September last year her debit card | | | | 1 One in four people do not carry out any |
| was used in bank fraud transactions in Brazil, on the | | | | checks to see whether a site is safe and secure |
| over side of the world. Luckily her bank spotted the | | | | before carrying out a transaction. It is essential that |
| irregularity of the transaction and cancelled it. The | | | | you stay vigilant and never relax your guard while |
| second time she was simply online shopping when her | | | | shopping online or carrying out financial transactions. |
| bank card was refused. Upon checking her bank | | | | Free anti fraud software is available by McAfee to |
| statement her balance had been wiped to zero – | | | | check whether a site is safe before you click on it. |
| her card had been ‘cloned’ and her bank | | | | Make sure your firewalls are always turned on and |
| account emptied. | | | | you antivirus software is always kept up to date. |
| When these situations occur it can be devastating. | | | | 2 Always make sure you log out of sites |
| After Susan’s second experience of bank card | | | | when you have finished your shopping/transactions. If |
| online fraud it took well over a month for her bank to | | | | you stay logged in it means your financial details are |
| retrieve the money, resulting in finance charges for her | | | | available to others. |
| unpaid mortgage and credit card payments. | | | | 3 Don’t open emails from people that |
| It begs the question: - “How would you manage a | | | | you do not know. Do not click on a link especially if it is |
| month with no access your bank funds”? | | | | in the email and it asks you for personal finance bank |
| Rise In Online Bank Fraud | | | | details. If you have any doubts about the authenticity |
| Online bank fraud is on the up and incidents in 2008 | | | | of the email do not respond. Beware of emails which |
| alone totalled a staggering £52.5 million in the UK | | | | offer you a prize or a discount which requires you to |
| alone. | | | | choose a user id and password (as many people use |
| Nearly 15m people in the UK use the internet for | | | | the same details for many bank accounts and thieves |
| finance and banking services and the most significant | | | | will collect these details and try to use them). Any |
| rise in online fraud is when criminals take over | | | | emails which have a sense of urgency or ask you for |
| someone’s bank account through card ID theft with | | | | personal finance or bank details be wary of. |
| losses up by 39% in 2008. | | | | 4 It is advised that you change your online |
| Online Fraud Tactics | | | | bank password every 60 days. All sites that you have |
| Online fraudsters are known to use a device called | | | | an account with will let you easily change your |
| key logging. It is software that tracks what you type | | | | password usually by following a very simple and quick |
| in order to collect bank passwords and credit card | | | | set of procedures. Changing your password regularly |
| details. These malicious computer software programs | | | | will help limit the accounts exposure and misuse, |
| usually find their way onto a computer when a user | | | | meaning less danger of online fraud. To make your |
| clicks on an unsolicited e-mail. | | | | password harder to guess use a mixture of upper |
| Another fraud tactic is ‘Phishing’ where an email | | | | case, lower case and number (as long as you can |
| is sent pretending to be from your bank asking you to | | | | remember it!). |
| click on a link which will take you to a fake website | | | | 5 Stay in control of your money. The |
| identical to your own bank site and ask you to confirm | | | | Eclipse prepaid MasterCard is a great way to do just |
| your personal bank finance details. | | | | that. The Eclipse card is not a credit card so you do |
| ‘Chip and pin’ bank cards were introduced by | | | | not need to worry about debt or fraud and it is not |
| UK banks in 2004 and proved to be successful in | | | | debit card so it is in no way linked to your online bank |
| lowering the amount of banking frauds but as online | | | | account. You are not able to borrow money; you |
| banking hasbecome increasing popular, with | | | | simply can only spend what you have loaded onto the |
| consumers taking advantage of the chance to bank | | | | card, meaning you are completelyin control of your |
| from their armchairs, online bank fraud has started to | | | | money. As it is not linked to your online bank account |
| rise again. | | | | it means people will not be able to fraudulently carry |
| Protecting Yourself | | | | out any activities with your personal banking details. It |
| Despite the large number of internet users many have | | | | literally takes seconds to top up your card either using |
| no idea how to protect themselves online. In order to | | | | your phone, wire transfer or online banking. You can |
| bank safe online it is essential you play your part in | | | | also use cash to top up at the post office, Paypoint or |
| making sure you do not become a fraud victim. | | | | using a top up pack. |
| Here are five online finance recommendations to help | | | | |