The most common bank scams are online bank scams. First
the scammer steals your logon name and password, and then uses this
information to transfer your money to other accounts and then withdraws the
To get your logon name and password, scammers have used various strategies. They can include 'looking over your shoulder' while you are at a public access point, using phishing techniques, or a Trojan horse.
Phishing comes from the words password and fishing. It involves using emails that appear to come from your bank and direct you to a scammer's website that looks very similar to the bank's website, which then prompts you for your account access information.
The emails make various claims designed to trick you into following links included in the messages. Some emails claim that an important message is waiting for you online, or that online banking has been "locked" due to too many failed login attempts or because of suspected fraudulent activity. Some claim that due to errors detected in the system or changes in procedure, your online banking details must be updated.
The Trojan horse method involves embedding a computer software program onto your computer which then records your keystrokes, with the aim of sending your banking logon name and password back to the scammer.
Bank fraud is becoming very popular with California-based research firm Javelin Strategy and Research revealing that in 2008, identity theft cases numbered close to 10 million, growing by 22% from the previous year.
The several types of bank scams include:
One of the problems with enforcing bank fraud laws is that it is often treated as a low priority, because the activity can include several countries, involve many unidentified people, is non-violent and usually there are few leads.
The typical bank robber gets away with about $700 and is caught within 24
hours, however the average check scam involves losses of more than $2,000,
and the scammers are rarely caught, and there are more than one hundred
times as many cases as bank robberies.
The essential steps to protect your computer are:
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