Wednesday, October 8, 2008

Bank of Spain warns of ‘phishing’ explosion


    The Bank of Spain has released figures on complaints and reclamations made against banks in Spain last year and has highlighted that the greatest annual increase in complaints was in those from victims of the phenomenon known as phishing, that is, obtaining bank details and often pins or passwords from internet banking users either by sending e-mails purporting to be from their bank asking for this information or through false web sites purporting to be part of the bank's online operations. Ten times more complaints about this type of crime were made in 2007 than in the previous year. Advice from banks to combat phishing is that you should never give out 'secret' information such as card pin numbers or account passwords to anybody by e-mail, even in response to messages that seem to come from the bank, and that to access internet banking sites it is always more secure to type the web site address in the address bar of your internet browser rather than following a link in another site to get to the bank's page.

    A total of 5,736 written complaints and reclamations were received by the Bank of Spain last year, an increase of 4.8 per cent on 2006. Banks were told to pay out 1.4 million euros was paid to those unsatisfied customers whose claims justified compensation.

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