The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
Millions of people in the UK regularly use the internet to access their bank accounts or to shop online, with an increasing number of adults doing both.
The internet remains a safe way to carry out banking or shopping transactions as long as a number of common sense precautions are taken.
In the UK more than 21.5 million people now bank online – and this is a very safe and secure way to access your bank account. But, due to the banks’ own systems proving difficult to attack, criminals have turned their attention to acquiring information directly from online banking customers themselves. Most fraud on online bank accounts involves a customer being duped into giving away their user passwords and security information or having their PC infected with spyware designed to steal the information. The two most common attempted scams currently used by online fraudsters are phishing and malware.
Phishing is an email that claims to be from your bank (or other organisation) but is actually sent to you by fraudsters. These emails typically urge you to click on a link that takes you to a fake website, identical to the one you would expect to see. You are then asked to verify or update your personal security information but, by doing so, you are actually giving your information to the fraudster who has created the fake website. The fraudster then uses the details to access your online bank account and take your money.
One easy way to spot phishing emails is that they are usually addressed to “Dear valued customer” instead of using your name. This is because phishing emails are usually sent out at random as the fraudsters only have limited information, such as your email address.
Malware (malicious software) is a type of virus that can be installed on your computer, without your knowledge. It is capable of monitoring your PC activity, enabling fraudsters to capture your passwords and other personal information. To make sure you don’t become a victim of malware, make sure you have up-to-date anti-virus and anti-spyware software installed.
Top tips to prevent online banking fraud
The incidence of computer hackers stealing and using cardholder data from retailer websites is low. Similarly, the vast majority of online businesses are honest and legitimate and comply with their obligations to carefully protect and securely dispose of cardholder information. Most internet card fraud involves a criminal obtaining genuine card details in the real world that are then used to shop online.
Top tips to avoid online shopping fraud
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