Bankers Warn Of Rise In Phishing Campaigns

snoopy · Oct 28, 2011

Bankers Warn of Rise in Phishing Campaigns

The American Bankers Association (ABA) issued a bulletin in which they warn customers on the fact that phishing expeditions that rely on the names and reputations of financial institutions are recording a sudden increase.

All bank clients are advised to be on alert for any suspicious request that seems to be coming from the repository they trust with their savings.

Reports reveal that cybercriminals are using automated dialers, text messages and emails to trick consumers into believing their accounts were closed due to fraud. In most cases, victims are required to supply credit card information, which includes the CV code and the expiration date, all of which can be later utilized to perform illegal transactions without the customer's notice. “Those who respond to these inquires run the potential risk of having their information used to fraudulently purchase goods and services or to obtain credit,” reveals the report.

The association that represents a large number of banks advises individuals never to give out private or financial information in response to an unsolicited email or phonecall, no matter how legitimate it may seem.

Always contact the bank before replying to emails that threaten you with all sorts of measures if you don't comply to their request.
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