Federal Bank, Thrift and Credit Union Regulatory Agencies Provide Brochure with Information on Internet

GuidanceFederal Reserve Board (FRB)
Office of Thrift Supervision (OTS)Phishing

The federal bank, thrift and credit union agencies today announced the publication of a brochure with information to help consumers identify and combat a new type of Internet scam known as “phishing.”

The term is a play on the word “fishing,” and that’s exactly what Internet thieves are doing – fishing for confidential financial information, such as account numbers and passwords. With enough information, a con artist can run up bills on another person’s credit card or, in the worst case, even steal that person’s identity.

In a common type of phishing scam, individuals receive e-mails that appear to come from their financial institution. The e-mail may look authentic, right down to the use of the institution’s logo and marketing slogans. The e-mails often describe a situation that requires immediate attention and then warn that the account will be terminated unless the e-mail recipients verify their account information immediately by clicking on a provided link.

> Read entire regulation (log in required - registration is free)