Susan Littlegate has been a victim of online fraud not once but twice. In September last year her debit card was used in bank fraud transactions in Brazil, on the over side of the world. Luckily her bank spotted the irregularity of the transaction and cancelled it. The second time she was simply online shopping when her bank card was refused. Upon checking her bank statement her balance had been wiped to zero – her card had been ‘cloned’ and her bank account emptied.
When these situations occur it can be devastating. After Susan’s second experience of bank card online fraud it took well over a month for her bank to retrieve the money, resulting in finance charges for her unpaid mortgage and credit card payments.
It begs the question: - “How would you manage a month with no access your bank funds”?
Rise In Online Bank Fraud
Online bank fraud is on the up and incidents in 2008 alone totalled a staggering £52.5 million in the UK alone.
Nearly 15m people in the UK use the internet for finance and banking services and the most significant rise in online fraud is when criminals take over someone’s bank account through card ID theft with losses up by 39% in 2008.
Online Fraud Tactics
Online fraudsters are known to use a device called key logging. It is software that tracks what you type in order to collect bank passwords and credit card details. These malicious computer software programs usually find their way onto a computer when a user clicks on an unsolicited e-mail.
Another fraud tactic is ‘Phishing’ where an email is sent pretending to be from your bank asking you to click on a link which will take you to a fake website identical to your own bank site and ask you to confirm your personal bank finance details.
‘Chip and pin’ bank cards were introduced by UK banks in 2004 and proved to be successful in lowering the amount of banking frauds but as online banking has
become increasing popular, with consumers taking advantage of the chance to bank from their armchairs, online bank fraud has started to rise again.
Protecting Yourself
Despite the large number of internet users many have no idea how to protect themselves online. In order to bank safe online it is essential you play your part in making sure you do not become a fraud victim.
Here are five online finance recommendations to help protect yourself against online fraud: -
1 One in four people do not carry out any checks to see whether a site is safe and secure before carrying out a transaction. It is essential that you stay vigilant and never relax your guard while shopping online or carrying out financial transactions. Free anti fraud software is available by McAfee to check whether a site is safe before you click on it. Make sure your firewalls are always turned on and you antivirus software is always kept up to date.
2 Always make sure you log out of sites when you have finished your shopping/transactions. If you stay logged in it means your financial details are available to others.
3 Don’t open emails from people that you do not know. Do not click on a link especially if it is in the email and it asks you for personal finance bank details. If you have any doubts about the authenticity of the email do not respond. Beware of emails which offer you a prize or a discount which requires you to choose a user id and password (as many people use the same details for many bank accounts and thieves will collect these details and try to use them). Any emails which have a sense of urgency or ask you for personal finance or bank details be wary of.
4 It is advised that you change your online bank password every 60 days. All sites that you have an account with will let you easily change your password usually by following a very simple and quick set of procedures. Changing your password regularly will help limit the accounts exposure and misuse, meaning less danger of online fraud. To make your password harder to guess use a mixture of upper case, lower case and number (as long as you can remember it!).
5 Stay in control of your money. The Eclipse prepaid MasterCard is a great way to do just that. The Eclipse card is not a credit card so you do not need to worry about debt or fraud and it is not debit card so it is in no way linked to your online bank account. You are not able to borrow money; you simply can only spend what you have loaded onto the card, meaning you are completely
in control of your money. As it is not linked to your online bank account it means people will not be able to fraudulently carry out any activities with your personal banking details. It literally takes seconds to top up your card either using your phone, wire transfer or online banking. You can also use cash to top up at the post office, Paypoint or using a top up pack.
Anyone in the UK who does fall victim of online fraud will have their money reimbursed as long as they have acted with ‘reasonable care’ and not in a fraudulent manner. If you do fall victim to online fraud there are many places where you can get help and advice, including: -
http://www.apacs.org.ukhttp://www.cardwatch.org.uk/
- Related Videos
- Related Articles
- Ask / Related Q&A
- Increasing Your Awareness of Banking Fraud
- Currency Forext Trading Tips - The era of online investment banking
- Minimize The Risk Of Online Banking Fraud
- Online Scams And Fraud
- Online Banking Fraud
- Currency Forex Trading Tips - The Era of Online Investment Banking
- How to Safely Use The Online/Internet Banking And Also Protect Yourself Against Tricksters?
- The Top Five Ways To Protect Yourself From Online Fraud
How to Delete Antispyware Shield Pro, Quickly and Easily. Uninstall this Spyware Before Certain Destruction!
By: Bob Walker | 31/12/2009One of the top concerns I have while browsing the internet is what files are secretly being transferred via websites of questionable content. Antispyware Shield Pro is an example of a virus that can be installed in this stealth manner through a Trojan. Once installed, this malware will attempt to trick you into purchasing a "full version", which will do nothing but sap you of your money.
Uninstall Malware Defense Easily - How To Remove Malware Defense Quickly
By: Bob Walker | 31/12/2009What's the deal with Malware Defense? Is it legitimate or is it a scam? If you're familiar with viruses, then you know that this software is malicious. It's the kind that will try to corrupt your entire system, block your programs, and scare you into purchasing what it claims as "full protection". It provides nothing of the sort. Its cousins are FakeAlert and AntiMalware spyware. You will want to get rid of this spyware immediately, because if you do not, you will be harrassed with fake warnings
Get In Touch With Norton Antivirus
By: James | 31/12/2009Antivirus has become one of the most essential software these days. Norton antivirus is considered as the most reliable antivirus software. There are many people who want to contact Norton antivirus before buying one. It can be quite easy to get in touch with them either through website or via phone.
Rising demand for Investigating services
By: Sleuth India | 30/12/2009The changing life style reveal the secret. Life today has gained such a tremendous pace that people rarely have time for themselves. This ultra-busy lifestyle coupled with extremely tense job requirements make people very impatient and intolerant. No wonder smallest of issues today lead to major differences.
Advice On Protecting Your Netbook
By: Mark Walters | 30/12/2009Useful information and advice on netbooks. Find out how to make a netbook as safe and secure as possible.
Tutorial to Unlock Windows XP Administrator Password!
By: Fiona | 30/12/2009The Windows XP administrator passwordis the password used to access the "Administrator" account. This account usually doesn't show up on the logon screen and most people don't know it exists. Usually that's okay because you won't need to use your computer under this account very often. There are a few times when you will need this password! When you're accessing the Windows XP Recovery Console or you're trying to boot into Windows XP Safe Mode, you'll need this password before you can contin
Lost or Forgot Computer Password? Reset Windows XP password!
By: Fiona | 30/12/2009If you have lost or forgotten your password for logging in to a computer running the Windows XP operating system, there are a few different options
Tutorial to Unlock Windows Vista Administrator Password!
By: Fiona | 30/12/2009Windows Vista administrator password is the password to an account configured with administrator level access in Windows Vista. There doesn't actually have to be an "Administrator" user account. What you need is the password to any account that can act as an administrator. You may need an administrator password in Windows Vista if you're trying to run certain types of programs or access certain Windows Vista password recovery tools.
Time To Sell Your Private Number Plate?
By: Stacey Beattie | 14/08/2009 | AutomotiveA personalised number plate personalises a car owners much loved form of transport. Cherished private number plates are becoming increasingly popular and in 2007 £87 million was spend in Britain alone.
Personalised Car Registration Plates
By: Stacey Beattie | 15/07/2009 | AutomotivePersonalised number plates are becoming more and more popular and it is estimated that 1 in 8 cars now have a personalised number plate. In Britain alone a record £87 million in 2007 was spent on personalised number plates.
“Young Mum’s Take On The ‘Eclipse Challenge’ To Buck The Credit Crunch”
By: Stacey Beattie | 08/06/2009 | FinanceWith words like ‘Credit Crunch’ and ‘Recession’ being talked about in homes across the UK it’s hard to forget that the offshoot of a global recession has implications for individual households. Interest rates are down, salaries are capped and in general there’s a need to budget about what we can spend our available money on. It’s all about saving, value and getting by on your money as best you can.
“Breaking Up Is Never Easy” – Or Cheap
By: Stacey Beattie | 08/06/2009 | FinanceAs the Times reported last month, London’s top divorce solicitor Raymond Tooth has actually recommended that couples hold their marriages together, with Sellotape and binding wire if needs be until the recession shows signs of slowing down.
Students Steer Clear of Financial Misery
By: Stacey Beattie | 08/06/2009 | FinanceBecoming a student is not just a journey of education but about learning responsibilities as well. For many people it’s the first time they have lived independently - free from their parent’s controlling gaze – and the worries of lectures, rent, and student debt can be overawing.
Stash The Cash – How To Keep Your Money Matters Private Online
By: Stacey Beattie | 08/06/2009 | FinanceIf you’re over 18, male and live in the UK chances are you’ve had a flutter at some point. Whether it was a quid gambling on the lottery or a few grand gaming in the Bellagio in Vegas, most of us are able to differentiate between gambling our expendable income on a night out from being at the bookies at eight AM in secret clutching a handful of coins. Self regulation and personal fiscal control is something that the average adult just does – it’s ‘normal’.
The Top Five Ways To Protect Yourself From Online Fraud
By: Stacey Beattie | 08/06/2009 | SecurityOnline bank fraud is on the up and incidents in 2008 alone totalled a staggering £52.5 million in the UK alone. Nearly 15m people in the UK use the internet for finance and banking services and the most significant rise in online fraud is when criminals take over someone’s bank account through card ID theft with losses up by 39% in 2008.
How To Manage Your Finances On A GAP Year
By: Stacey Beattie | 08/06/2009 | TravelOnce you’ve researched your travel deals, planned your route and researched the destinations that await you then all you need to do is budget your travel money. You want to make sure you have everything planned so you do not have to worry while you’re away.