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Don't get caught out

With Watson Burton LLP Law Firm

It is estimated that seven out of ten small firms that suffer a big loss of company information go out of business within a year. Even the most powerful companies have fallen victim to phishing. Microsoft has filed 117 civil law suits in the US against unnamed individuals who targeted their MSN internet and hotmail e-mail accounts. In August this year the Bank of India was also targeted. No one is safe from attack.

At the beginning of November the risk of a new wave of phishing came to light. The ‘Russian Business Network’ (RBN), a major player in the instigation of fraud, disappeared without a trace. It is believed the masterminds behind RBN could be about to re-emerge, this time from China.

‘Phishing’ occurs when mock emails are sent to customers: businesses or individuals. They look legitimate, as if sent from your bank; Lloyds TSB, NatWest, Barclays and even the Bank of England have all been affected. The emails are sent to clients, together with legitimate looking email addresses and hyperlinks to web pages set up to bear an almost exact resemblance to the real thing. Clients are asked to provide details, for example, in order to update security. The emails and linked web pages are so similar to the real thing it is very difficult to spot a fraud taking place. The fraudsters are extremely clever – emails can be sent from a named person at the bank to a named person in a firm, e.g. the accounts department manager.

RBN has proven a successful venture for the fraudsters involved. The fact it has become such a large organisation proves this. However, Microsoft have shown that it is not impossible to consider legal action even if the information you have on the perpetrator is limited.

It is essential to act quickly and get advice.

If you have any queries relating to this article, or any other fraud matter, please contact Claire Pringle at Watson Burton LLP on 0191 244 4444 or email claire.pringle@watsonburton.com.

This was posted in Bdaily's Members' News section by Ruth Mitchell .