For scammers, the catch of the day is far more valuable than a sardine – it's the cash in your bank account. Here's how to avoid being reeled in...

We've all heard rumours about people who received an email from their "bank" asking them to confirm their account details – only to discover that shortly after they hit send their nest egg did an Houdini.

You'd never be so gullible, right? Don't be so sure – anyone with a bank account is at risk and criminals are using more and more sophisticated means to con you out of your cash. "Phishing costs customers and the global financial industry billions of rands every year. In 2009, 500 000 unique phishing sites targeted almost 300 financial institutions," says Itumeleng Monale, Standard Bank's director of self-service banking.

How Phishing Works
Just like a line dangled in the water with a fake worm to attract a fish, a syndicate sends you an email that looks like it's from a legitimate bank. Or a shopping site could send you a warning that your credit card is about to be charged for a transaction. You're warned that there's a problem and you need to verify your details. These emails can appear absolutely authentic and may even warn you to look out for phishing attempts. You're asked to click a link, which routes you to a page where you're asked to fill in personal information.

Armed with this info, the con-artist is able to sign into your bank account, use your credit card or set up email accounts on websites in your name, sending out further phishing scams.

"Often victims only discover this when they apply for a bank loan. They find they are blacklisted for debt that was incurred using their bank details and identity," says Stephen Logan, a partner at Logan Attorneys and author of the book The Credit Guide. Logan recommends asking for a credit report from Experian or Trans Union ITC yearly to ensure that no dodgy activity has been conducted using your name.

How To Spot A Scam
They ask you to divulge your details via email or online. If you receive an email like this, call the company in question to ensure the request is legit. Make sure you use the official call centre number, not the number supplied on the email.

They're using scare tactics. Phishers often threaten to close or suspend your account. Legitimate companies are much more polite; if they really believed there was a security breach, they would contact you telephonically.

They don't know your name. If the email refers to you as "Dear Customer" or simply "Dear", alarm bells should ring.

The link is quirky. If you click on the link and it takes you to a website with a URL like http://absabank.hellokitty.com, something's up. However, some scamsters provide pretty authentic sounding URLs too. Always type in your bank's URL yourself or access it from your favourites.

What The Banks Are Doing
Conventional security software can't always keep up with sophisticated new phishing scams. The Rapport online banking security software now provided by Standard Bank is designed to detect new threats and even warns customers if they are being directed to counterfeit sites. It also warns the bank of potential bogus sites so that the security division can take the necessary proactive steps to stem fraud. If you're worried about security, ask your bank what they have in place to protect you.

What To Do If You're Hooked
"If you use internet banking, check your account daily," suggests Pat Pather, director of Standard Bank global security. If you suspect you've been scammed, contact your bank immediately. "The worst thing you can do is keep quiet because you're embarrassed," says Pather. It usually takes 24 hours for the transactions to be processed and in most cases your bank will be able to recover all of your funds.