A form of Fraud known as “phishing” has made headlines recently, with Barclays, Lloyds TSB, MBNA, Natwest, Citibank and even the Bank of England being affected.

Barclays’ customers were sent emails saying that the bank was making technical changes. There was a link on the page where customers were prompted to enter their account details.

Lloyds TSB customers received emails saying their accounts would be cancelled due to a new security measure unless they went to a site and entered their details.

The fraudsters set up “spoof” email addresses that look like they could credibly belong to the institution. Once they have received account details, they siphon money out via “mules” – people with UK accounts – to their own accounts abroad.
These scams are believed to be run from Eastern Europe.

Natwest, Halifax and Nationwide customers were sent an email saying they needed to verify their accounts by going to a site and entering their details.

The Nigerian Scams

These fraudsters send emails to people telling them they can release a fortune that is tied up in an African bank by allowing them to transfer the money into the person’s account. In return the person will be given a share of the profits.

The catch with this scam is, of course, that rather than money going into the person’s bank account, the fraudsters clean them out using the details sent to them.

Lottery and prize draw wins

Emails are sent out to people telling them they’ve won the lottery or prize draw and they need to send a payment for “administrative” or some purpose in order to claim their winnings, of course, there is no prize.

If you receive an email asking you to submit your personal financial details, it is likely to be a scam. Banks never ask for personal details in email communication. If the email appears to have come from your bank, contact them to report it.

Don’t reveal your personal details to anyone you don’t know. If it sounds to good to be true it probably is.

As published on MSN Money.