The Australian Securities and Investments Commission has issued a consumer warning about scams that convince consumers to provide personal banking details via email.
The Australian Securities and Investments Commission has issued a consumer warning about scams that convince consumers to provide personal banking details via email.
These scams, called 'phishing' scams, have become more common and increasingly sophisticated.
Fraudsters gain personal information for identity theft purposes, using deceptive email messages that appear to come from legitimate businesses, and in the 2005-06 financial year more than one in five of all consumer scam complaints received by ASIC related to phishing.
This was an increase of 25 per cent over the past two financial years.
ASIC executive director of consumer protection Greg Tanzer said that the techniques adopted by phishing scammers were becoming more sophisticated and were always changing, due to the rapid increases in modern technology.
Phishers are now using emails and website links that mirror legitimate bank websites, and bogus job offers have been used to coax people into providing bank account details.
There has also been cases where requests have been made for personal information through Ebay, and online share trading accounts.
ASIC offer the following tips to consumers to on phishing fraude:
- change your passwords frequently and use passwords that are hard to guess
- ensure you have anti-virus and anti-spy software on your computer and a personal firewall, and update the software regularly
- only log on to your internet banking account from your bank's website
- never respond to any email that requests your account details and passwords -delete these emails immediately;
- avoid using computers in public places such as internet cafes to do your online banking; and
- exit from your account as soon as you finish your banking.
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Australian Securities & Investments Commission (ASIC)
'PHISHING' SCAMS MORE COMMON AND SOPHISTICATED - ASIC WARNING
Scams that convince consumers to provide their personal banking details by email have increased significantly and become more sophisticated, prompting the Australian Securities and Investments Commission (ASIC) to issue a consumer warning.
Known as 'phishing', fraudsters gain personal information for identity theft purposes, using deceptive email messages that appear to come from legitimate businesses.
More than one in five of all consumer scam complaints received by ASIC related to phishing in the 2005-06 financial year, with the number of phishing complaints increasing by 25 per cent over the past two financial years.
'The techniques adopted by phishing scammers are becoming more sophisticated and are always changing, mostly due to the rapid increases in modern technology', ASIC's Executive Director of Consumer Protection, Mr Greg Tanzer said.
'In the past financial year, we found that scammers used a more targeted and personalised approach to request personal details. For example, emails and website links mirrored legitimate bank websites, and bogus job offers were used to coax people into providing bank account details. We also found cases where requests were made for personal information through Ebay, and for online share trading accounts where scammers would ask for password details via telephone.'
'It has never been more important for people to be wary of emails requesting personal details. These scammers or 'phishers' are technically sophisticated and savvy, with the range of online fraud methods and systems constantly changing.'
'I can't stress it enough, never give your personal banking and other financial details by email', Mr Tanzer said.
'People, as well as banking institutions, must remain vigilant and look at how they can secure their online environment, and will need to continue to do so as these scams and threats are not, unfortunately, going to go away.'
'What's more, phishing attacks are, these days, often hybrid in nature, employing multiple technologies and combining elements of trickery with technical attack.'
Mr Tanzer offered the following tips to consumers to prevent people being defrauded:
- change your passwords frequently and use passwords that are hard to guess
- ensure you have anti-virus and anti-spy software on your computer and a personal firewall, and update the software regularly
- only log on to your internet banking account from your bank's website
- never respond to any email that requests your account details and passwords -delete these emails immediately;
- avoid using computers in public places such as internet cafes to do your online banking; and
- exit from your account as soon as you finish your banking.