Online Security Risks

Internet banking consumers have recently been targeted by a range of email scams involving various hoax emails. The hoax emails have been sent to large numbers of email addresses in anticipation of at least some reaching users of online banking facilities. Because of the large number of emails involved and the random nature of the hoax, these frauds are often called ‘phishing’.

The hoax emails seek to trick online banking consumers into disclosing confidential financial information such as their Internet banking login and password details, thereby providing the perpetrators of the fraud with illegal access to their accounts.

Identity theft occurs where a criminal obtains the personal details of an individual to masquerade as that individual and, typically; transfer funds, obtain cash, secure loans and other financial benefits. The individual is then left to deal with the debts so incurred along with the associated legal implications.

Members should also be alerted to a number of fraudulent job scams advertised on the Internet which entice users to act as money transfer agents for a third party. Consumers are duped into using their own accounts to transfer money for third parties as part of an ostensibly legitimate business transaction for a commission based on a percentage of the transfer. In fact, they become part of a money laundering operation for transferring stolen money. Again, these false job websites appear very professional and can be very convincing.
Members should:

• exercise extreme caution with any online job offer where you are asked for your personal and banking details