We’ve All Received the Email...

That email supposedly coming from our bank asking us to conduct an activity that involves submitting our account number and sometimes even a password, giving fraudsters what they need to access our finances.

Fraud Facing the Financial Industry

Banks and other institutions that control much of our sensitive data are the focus of fraudsters worldwide.

In America alone, in the three months to March 2010 fraudsters took over US$120m from individuals and businesses. Much of this cost is borne by the financial industry through higher insurance premiums or self insuring this activity. Either way the fraudsters get the money they were after.

(Source Computer World March 8, 2010)

Although we focus on the financial market place in this section, other institutions that store our sensitive information, including social networking sites, are not immune.

Phishing Scams

One of the most common processes used by fraudsters is called phishing. Phishing is a criminal offence and is used by fraudsters in an attempt to obtain sensitive information such as usernames, passwords, credit card numbers and other financial details by appearing as a trustworthy entity in some form of electronic communication.

Fraudsters make contact with their victims by masquerading as a popular auction site, social networking site or trusted business. The messages typically come by email or instant messaging, directing users to enter details on a fraudulent site that looks and feels like the real site it is imitating.

Phishing scams can hurt the reputation of the brand they are imitating.

Internet Fraud Watchdog

Internet Fraud Watchdog works with financial clients including banks to uncover phishing scams and disrupt the criminal activities of these fraudsters. If your organisation is exposed to these risks contact IFW today or ask your legal team to contact us.