Bank Scams Increase in Ongoing Recession

In today’s global economy, we are all especially at risk when it comes to financial scams. And as this article points out, business owners and citizens alike are falling prey to an increasing number of Internet finance and cyberattacks. And as the report points out, “unemployed computer programmers and IT experts are behind a surge in internet finance scams and cyber attacks.”

In Australia, sources said that these “white collar criminals” are partnering up with international crime gangs to steal large sums of money from customer accounts of all types, including banking accounts. And according to international cyber security firm RSA’s National Spokesman Mason Hooper, “When there’s a big glut of unemployed programmers on the market, we get an increase in cyber attacks.”

In Australia alone, the number of cyberattacks have increased a startling 50 percent during the past year. In August 2011 alone, a reported 26,900 companies were attacked online. And the e-mails, Trojans and phishing attempts received by clients of these companies number in the millions, the article said.

According to the Australian Bankers’ Association (ABA) chief executive Steven Munchenberg, “Customers should be wary of anyone asking them for their PIN or Internet banking password, which, in all likelihood, could be a criminal attempt to gain access to your account.”

The ABA also pointed out the latest scams now come in the form of surveys that asks respondents to answer questions for pay. The only problem … they ask for banking information so they can make the payment.

RSA said the key types of recent scams include:

  • Skimming: Such as when a camera attached to an ATM captures your data as you input it.
  • Trojans: These programs infect computers and gather personal and financial details.
  • Phishing: This scam oftentimes comes in the form of an e-mail asking for personal or financial details.

For more information about current online financial scams, visit: