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Crooks exploiting troubled banks' names

Internet security vigilance is becoming increasingly important as the financial downturn continues to hit the economy.

Police are warning that cyber crooks are exploiting the financial crisis to launch phishing attacks on unsuspecting users with some crooks even posing as company executives in order to defraud consumers.

According to Metropolitan Police acting commander Nigel Mawer, who also heads the specialist and economic crime unit at Scotland Yard, crooks are increasingly exploiting the names of troubled banks, the Telegraph reports.

The crooks are said to be targeting people who formerly held accounts with HBOS, Halifax, Bank of Scotland, Lloyds and RBS by contacting them with the aim of stealing their personal details.

"You can imagine if your bank merges with another bank, then the phishers send an email saying 'as a result of the merger we just need to reconfirm your details'," explained Mr Mawer.

"It gives them a degree more of credibility around the phishing attack."

Lloyds Banking Group recently warned of phishing scams that sought to exploit its new name by confusing consumers into divulging their details.

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