Money
Managing your money
Foiling the phishers and fraudsters
Consumers need to look after their money more than ever with the escalating costs of living - so protecting bank accounts from fraudsters is essential, advises Holly Thomas
With the credit crunch biting, hard-up thieves seem keener to get their hands on our cash with online fraud almost trebling in the first half of this year. But scams reach us on the phone as well as the internet, where thieves attempt to trick us into handing over personal information that can give them access to our bank accounts.
In recent months there has been a 15 per cent year-on-year growth in online spending, and the indications are that this increase is expected to continue into December as people get stuck into their Christmas shopping lists.
There are ways you can protect yourself and your money by taking simple steps to avoid placing your card details in the wrong hands.
Keep your PC protected by ensuring you have the latest operating system, browser and up-to-date anti-virus software.
Look for the padlock symbol especially if you're buying from a website for the first time. It's a good indication that they are reputable. Register your cards with Verified by Visa or MasterCard SecureCode when prompted. And always log out after shopping online and save the confirmation email as a record of your order.
Many fraudsters try to trip us up by telephoning us and pretending to be from our bank.
If you are not confident you know who you are dealing with, never divulge any personal or financial information, including name, address, date of birth, or any account numbers — regardless of who they say they are.
If a sales person calls and the service the caller describes is something you like the sound of — ask for a name and number you can call back on. It will give you time to check the company out and make sure it is not a scam. The same goes if you are suspicious whether it really is your bank calling. Better to be safe than sorry.
New figures show that 'phishing' scams are on the up. These typically involve fraudsters setting up a fake version of a bank's website, and then sending out spam emails trying to get people to enter their online banking security information - such as user names, PINs and passwords - on the fake site. The stolen information is often sold to people who raid the bank accounts and commit identity fraud.
Research firm Envisional found a 40 per cent increase over the summer.
“The increase in phishing spam observed over the summer may be just the beginning,’ said David Franklin at Envisional.
“In these turbulent times, banks must be alert round the clock and ready to move fast to protect themselves and their account holders.”
As always shred any post detailing personal information, that could be used for identification if it fell into the wrong hands.
* Holly Thomas is an award-winning financial journalist and Deputy Personal Finance Editor at the Daily Express and Sunday Express. Holly's are her own and are not held by Saga unless specifically stated. The material is for general information only and does not constitute investment, tax, legal, medical or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation.
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