Online Bank Scam

The most common bank scams nowadays 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 funds.

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.