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News

Compensation claim process opens the gates to fraud

First Cyber Security : 06 November, 2008  (Technical Article)
Icelandic bank troubles lead to compensation claims process dependant on providing banking details in response to e-mail creating fraud opportunities for customers of the beleaguered bank
The Financial Services Compensation Service has just announced the mechanism for icesave customers to get their money back from the financially troubled Icelandic bank. The sad fact is however, that in doing so they have opened up the opportunity for fraudsters to target each of the 230,000 savers, worse still they have even told the fraudsters how to do it!

Proudly declaring that each of the savers will receive two emails and that they will have to login to their existing icesave account to nominate and give details of their alternative account which is to be credited with their savings. Creating an expectation that an e-mail will be received where the worried icesave customers must give away other banking details.

Whilst the banking code allows communication with customers by email, most banks actively discourage its use, as fraudulent emails giving fraudulent website links are prevalent throughout most email inboxes. "Putting savers who are desperate to get their savings back at this level of additional risk is inexcusable," says David Holman, Director at First Cyber Security a company who specialise in assuring the authenticity of websites on behalf of consumers. Recent figures released by APAC's, the UK Payments authority, show that 18% of people still select website addresses from emails they receive without realising that they could be giving their personal information to a fraudster.

"It is so easy to set up a copy of an authentic website and send out mass emails and have consumers believe them to be real" continued Holman. "Many major organisations that wish to protect their brand integrity and continue the trust they have built with their customers to their online experience, need to consider a failsafe method of building in trust and consumer confidence using the very latest third party trust mechanisms which are now available."
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