Fraudsters thrive on bank mergers and acquisitions

by Gill Montia

Story link: Fraudsters thrive on bank mergers and acquisitions

A UK security company is warning that recent events in the banking sector are likely to prompt a rise in fraud.

First Cyber Security is urging customers with Internet banking accounts to be wary of emails purporting to be from banks which have been named as being involved in takeovers and mergers.

According to a director of the firm, David Holman, fraudsters thrive on confusion and will take advantage of mergers and acquisitions in the banking sector to try and outwit consumers.

For example, spurious emails detailing name changes for merged banks and giving new websites for Internet banking could be sent by criminals hoping to steal private information.

The UK payment services body, Apacs, has found that whilst many consumers are wary of emails purporting to be from their bank, 18% of people who receive such emails still click through to links that are included in the message.

Once through to the link people are in danger of being tricked into revealing their personal data.

First Cyber Security specialises in technology that allows Internet bankers to positively authenticate websites.