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+44 20 8900 5951
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Category :
General Banking
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Posted by Albansmith, on Monday 05 December,2011, 22:12
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As we get further away from the traditional methods of banking we have to remain ever more vigilant against fraudsters and scammers attempting to elicit our banking details from us. The fear of experiencing a mugging, or old time hold up, purely designed to steal cash from our purse or wallet, is diminishing but is being replaced by far more elaborate schemes to obtain our bank account details so that our whole account can be cleaned out.
Many of the schemes currently being practised can therefore prove to be extremely costly if we drop our guard, as for all intents and purposes they appear to be quite valid on the surface. However, there are ways they can be detected and it is in your interests to make sure you are familiar with these and know what steps to take if you happen to innocently fall foul to a fraud or scam such as any of these outlined here.
One of the more common scams is a fake fraud alert
In these cases the scammer pretends to be your bank or other financial organisation where you have your money deposited. The alert tells you a problem has taken place with your account and the bank needs you to confirm your personal details with them including your account numbers. They will tell you that this action is required to protect your interests but once they have these details they will steal your money from you.
The best way to protect yourself from this type of scam is to never give your account details to anyone you don't actually know, even when they purport to be from your own bank or financial organisation. Your bank will never contact you and ask for your account details, and if you need to talk to your bank about your personal details do so either face to face or via a telephone connection that you know is the right number. Always make certain that you initiate the call and that the bank has not called you. If this does occur through some particular circumstance tell them that you will call them back.
Scams associated with your credit card
Credit card scams occur quite frequently. These usually take place in the form of actually getting possession of the card itself or its details. The most effective ways of keeping your credit card safe are to never give your credit card details to any person or organisation that is unknown to you, as well as taking the following precautions:
* Don't use online software that automatically completes your personal details onto online forms. This can give scammers easy access to all the information they need.
* Always do your online banking on your own computer. Avoid using public computers at internet cafes and libraries.
* Use passwords that only you can understand and would be hard for any other person to work out.
* Never share your PIN or personal identity number with any other person. And never keep a copy of your PIN in your wallet or purse or in any close vicinity of the card itself.
* Check your bank statements as you receive them for any expenditure that you have not transacted yourself. If you find something that you believe to be wrong report it immediately.
Credit card skimming
Credit card skimming refers to the illegal copying of personal information that is contained within your credit card. When this falls into the wrong hands another duplicate card can be made containing all your information. To prevent this from happening you should always take proper care of any card you use to get cash from any ATM, and not share any of your cards information with anybody especially its PIN. Card skimming is also involved in identity theft. Once the fraudster has all your personal information he or she is then able to borrow money in your name.
Phishing
The criminal act of phishing is obtaining your bank account information, usually through email or SMS. They purport to be a legitimate business, usually a financial or telecommunications organisation. Once they have all the information they want such as your bank account numbers, credit card numbers and your passwords they will then go about stealing your money.
The best way to avoid falling foul of any of these dubious schemes is to always be aware and carry out the following precautions:
* Check your credit history annually to ensure no one else is using your name to borrow money.
* Never give your account, credit card or personal details to anyone via email.
* Don't give any personal information, credit card information or your bank account details, to any website you are not familiar with.
* If you want to access your own online banking account website always use a link that you have bookmarked on your computer or type in a URL that you know to be the correct one never click on a link that is depicted on an email you have received.
* Stay right away from all spam emails. Never even go as far as opening them. If you have opened such unsolicited email that is considered to be spam don't click on any of its links or open any of its files. Don't even ring any telephone number it might try to have you call. Delete them from your computer immediately.
* Never give your online account details, credit card information or personal details to anybody over the phone unless you have made the call yourself to a number you trust and know to be legitimate.
Alban is a regular contributor in banking and personal finance blogs. He has been working in the banking industry for the last 3 years, where he reviews online savings accounts
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Tags :
banking, fraud, payment
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