Digital Banking Fraud

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Information about Digital Banking Fraud

Published on February 21, 2014

Author: VictoriaCao



More and more of us are turning to computers and mobile phones to manage our money. Find out the current threats and scams to digital banking, and see tips on how to stay safe when looking after your finances online.

More and more people are managing their money online, with 26.8 million of us now turning to computers and smart devices to look after our finances. Over 75% manage their money online of 25 - 34 year olds About 50% of all adults But 1 in 10 say they avoid it due to fears around security. Did you know? Currently, 356 million transactions are made on mobile phones each year. Annual losses and online attacks 60 300 50 250 40 200 30 150 20 100 10 50 2007 2008 2009 2010 2011 2012 Losses from online banking fraud Number of phishing attacks The different types of scams and threats: Phishing Phishing is the name given to emails sent at random which pretend to be from genuine organisations, such as your bank. These try to trick recipients into disclosing sensitive information, like passwords or bank details. Malware/Trojans Malicious software or ‘malware’ is a computer virus which can be installed on your computer without your knowledge. A common type of malware is called a ‘Trojan’, which can steal private information from your computer. Money mules Some fraudsters transfer stolen money overseas by using ‘money mules’ or ‘money transfer agents’. These are often ordinary people who have been tricked into thinking it’s a legitimate job which offers an easy way to make money. When banking on your mobile or smart device: Only use official apps/websites Download from official stores Password protect your phone Make sure the app you download or the website you use is official, and has been published by your bank. Only download apps from official stores. E.g. iTunes, Google Play, Blackberry App World. In case it’s lost or stolen, make sure you have a PIN or password set up to lock your phone as well. Keep updated Reset to factory default Write down your IMEI Your bank may issue updates for their apps. Make sure these are installed and that you’re using the current version. If you’re selling your phone, restore the factory settings so that any sensitve data is deleted from the handset. Your unique 15-digit number will identify your device to your provider, and is usually found in your battery compartment. Safeguard your PIN Check your statements Shred sensitive documents Never share your PIN number, even with family members. And don’t keep it written down, especially near your card. Look through your statements regularly and tell your bank immediately if you spot anything unusual. Never bin personal documents without destroying them first. You never know who might get their hands on them. Check URL’s of web addresses Don’t disclose your details Only shop on secure websites The URL of your bank’s website should start with “https”. Try typing the address in yourself instead of clicking on links. Your bank or the police will never phone or email to ask you for your PIN, nor will they come to collect your card. Don’t buy from just anywhere. Look for a locked padlock or unbroken key symbol in your browser’s address bar. Tips for staying safe: Know your rights! As long as you have not acted fraudulently or without “reasonable care”, your bank should reimburse you if somebody else has used, stolen or cloned your card. However, you may have to pay a maximum of £50 if any funds were lost before you reported your card as lost or stolen. If you think you’ve been a victim of fraud, tell your bank immediately! Sources: BBC, Advice Guide, Bank Safe Online, The UK Card Association, Telegraph, Action Fraud

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