BBA Outlines Steps To Ward Off Online Fraud

The 'British Bankers' Association' (BBA) has cautioned the consumers who use debit and credit cards for online transactions many a times to help take care financial online fraud. BBA says that it is true users are less likely to fall victims of card fraud, but many of them fail to take sufficient steps to ensure that their personal details are safe.

As explained by Angela knight, 'chief executive designate' of BBA, everyone involved in an online transaction has a responsibility to ward off financial fraud. The banks must maintain protection of its customers and keep their information in confidence. In spite of it when singular incidents arise banks carry out complete investigations and change procedures whenever necessary. Nevertheless, customers too have a responsibility to maintain their own security.Angela Knight further said that at the time of Christmas when more and more customers go shopping online, they should use only protected sites so their identity is safe from theft and copy. Last month, APACS (Association for Payment Clearing Services) pointed a sharp rise in the 'volume and effectiveness' of phishing scams resulting in 'online banking fraud' during the first half of the year.

The total number of phishing scams reported in the first six months of 2006 was 5,059 as against only 312 cases over the same period in 2005. This voluminous hike contributed to 55 percent in losses from all cases of bank fraud.

A typical phishing scam works from a spoofed website that resembles the site of a bank (or financial institution) or shopping , such as 'Amazon' or 'eBay'. The unsuspecting user enters his personal information such as bank or credit card particulars to this fake website.

BBA suggests users to make sure their PCs have updated anti-virus software and a firewall. They should submit details only on secure websites, which show up a 'padlock' or 'unbroken key symbol' at the bottom of the page. Access to Internet banking or shopping sites should be by typing the address into the web browser. It is never safe to go to a website from a link in an e-mail.

Related article: BBB Warns About Phishing Attacks Against Local Banks

» SPAMfighter News - 11/28/2006