Internet 'Phishing' Scam

There’s a new type of Internet piracy called 'phishing' (pronounced ‘fishing’). That’s exactly what’s happening! Internet thieves are 'phishing' for your personal account information – account numbers, Social Security number, passwords, etc. – so that they can commit fraud and leave you holding the bag.

With this information it is easy for the thief to empty your checking account, run up huge charges on your credit card and ruin your credit history. This can cause damage to your financial history and personal reputation that can take years to resolve! But if you understand how it works and take steps to protect yourself, you can help stop this crime.

Here’s how it works:

In a typical case, you’ll receive an e-mail that appears to come from a reputable company that you recognize and do business with, such as your financial institution. In some cases, the e-mail may appear to come from a government agency, including one of the federal financial institution regulatory agencies.

The e-mail will probably warn you of a serious problem that requires immediate action. It may use phrases, such as “Immediate attention required,” or “Please contact us immediately about your account.” The e-mail will then encourage you to click on a button or a web address link to go to the institution’s Web site.

In a “phishing” scam, you could be redirected to a phony Web site that may look exactly like the real thing. Sometimes, in fact, it may be the company’s actual Web site. In those cases, a pop-up window will quickly appear for the purpose of harvesting your financial information.

In either case, you may be asked to update your account information or to provide information for verification purposes: your Social Security number, your account number, your password, or the information you use to verify your identity when speaking to a real financial institution, such as your mother’s maiden name or your place of birth.

If you provide the requested information, you may find yourself the victim of identity theft.

Here’s how to protect yourself:

• Never provide personal financial information, including your Social Security number, account numbers or passwords, over the phone or the Internet if you did not initiate the contact.
• Never click on the link provided in an e-mail you believe is fraudulent. It may contain a virus that can contaminate your computer.
• Do not be intimidated by an e-mail or caller who suggests dire consequences if you do not immediately provide or verify financial information.
• If you believe the contact is legitimate, go to the company’s Web site by typing in the site address directly or using a page you have previously book marked, instead of a link provided in the e-mail.
• If you fall victim to an attack, act immediately to protect yourself. Alert your financial institution. Notify credit bureau fraud units. Monitor your credit files and account statements closely.
• Report suspicious e-mails or calls to the Federal Trade Commission through the Internet at http://www.consumer.gov/idtheft, or by calling 1-877-IDTHEFT.