Two million bank accounts raided by criminals

NEW YORK (6/23/04)--It's even more important to guard your personal information as criminals find innovative ways to access account numbers. A survey conducted by market research group Gartner finds nearly two million Americans the victims of checking account fraud in the past 12 months (MSNBC News June 14).

The average loss per incident was $1,200, pushing total losses higher than $2 billion for the year.

The trend in checking account fraud follows a sharp rise in phishing e-mails, which attempt to trick unsuspecting consumers into divulging personal information to commit identity theft. Phishing attempts specifically designed to steal bank account numbers began to skyrocket about 10 months ago. According to the Anti-Phishing Working Group, phishing e-mails jumped 4,000% in the past six months.

Criminals also gain access to online bank accounts through virus-laden e-mails; those most at risk are people who do online banking at public computers, such as at Internet cafes.

If you are a victim of checking account fraud, notify your financial institution immediately. If the fraud involved a debit card, the most you could be liable for is $50 if you report the theft within two business days, and then it jumps to $500. In some cases, this fee may be waived. If you don't report the theft within 60 days of getting your statement, your liability is unlimited--that is, the balance in your account.

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