Phishing

Bank phishing has emerged in recent years in response to banks integrating online platforms and perpetrators targeting unaware and unsuspecting customers. Symantec corporation estimates that 1 in every 119 emails is a phishing scam. As a result, consumers are urged to exercise caution when opening and responding to emails.

The most common approach to bank phishing is to use email. Perpetrators design a html based email that resembles the official company template. They then send the email to bank account holders asking them to update their security details. The links contained within the email direct the end user to a third party website. This website is designed to capture the account holder's details for the purposes of conducting online fraud. Money is then subsequently removed from the end users account, or in the case of credit cards, unauthorized goods and services purchased.

How can you protect yourself from bank identity theft?

Consumers can minimize the chances they will be subject to bank phishing by following some guidelines:

It is advisable to never respond to emails that target your personal bank. These emails may have the exact corporate look and feel but activating the links can lead to a trap. If you are logging into your account, always do so by navigating to the bank website directly. You can stay up to date on your official banks policies by visiting the site and locating the information about online security. Most banks now have these links prominently placed on the homepage. Many banks now have official policies to never send account holders emails that request them to click on links to visit the website.

An additional precaution that should be taken is to always ensure that you are using the latest version of your internet browser. This will keep you up to date with the latest security patches. You should check regularly by visiting the browser site and comparing the build number of your browser with the listed version on the site.

If you want to screen emails that are coming into your account then you can consider the range of solutions provided by companies such as Mc afee, Verizon and Symantec. These security companies develop products that can be integrated to screen your emails for bank phsihing and bank identity theft risks. Rating algorithms assess the emails and block suspect emails. With regular database updates, you can insulate your system from a high percentage of bank phishing scams. Following the above guidelines and exercising caution will help you minimize the chances you will fall for bank email scams.

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