How does the latest email scam work?

Fraudsters have been going on email "phishing" expeditions, hoping to steal bank account details. They simply send out millions of emails, faking the email header to make it appear as if it is coming from a particular bank.

The phishermen know that a certain percentage of people on the receiving end will be customers of the bank in question. They direct the bank's customers to a faked web site that looks just like the genuine Barclays or Halifax or NatWest online banking portal, and invite their victims to input their account and security information.

From there it's a short step to logging in to the bona fide bank site and accessing your cash.

Which banks have been targeted?

Thus far, Barclays, Citibank, Halifax, Lloyds TSB, Nationwide and NatWest have seen emails trawling for their customers. All have taken steps to alert their customers and to reiterate that the banks would never ask for confidential security information.

Does this mean online banking is insecure?

No, it means you should never give out your pin number and account information unless you have initiated the contact with the bank.

Why don't the banks have the spoof sites shut down?

They do, but fraudsters have little trouble setting up another site through the limitless numbers of internet service providers.

What should I do if I receive one of these hoax emails?

As with all spam, you should not respond. This only confirms to the spammers that the email address is "live". Some banks have asked their customers to forward suspect emails to them. But if you know it's a hoax and it has been widely publicised, just delete the email.

If you are unsure about the information in the email, ring your bank or visit its web site by using the web address you know to be genuine. Never follow links or ring numbers contained in the email.

Fraudsters generally need willing dupes to help them transfer cash out of the country. This really should go without saying, but if anyone asks to use your account as a means of international money transfer, the answer needs to be no.

Always check over your bank statements and credit card bills to make sure there have been no unauthorised transactions.