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Microsoft warns of credit crunch scams

A Microsoft internet security expert has warned internet users to be wary of online scams exploiting the current economic turmoil.

Those looking for mortgages should especially be vigilant as cyber crooks will try to take advantage of the current instability to offer consumers new loans from failed banks, according to safety expert Tim Cranton.

In a television interview with Reuters, Mr Cranton revealed that early indicators show that cyber crooks are already moving in this direction.

"We have seen an increase in some mortgage refinance type of scams. We are anticipating that they'll become more sophisticated," he said.

"[Cyber crooks] will allege it is associated with the refinancing - so because of this bailout you'll get a much better deal on your mortgage and all you have to do is pay this fee."

Such scams were reported during hurricane Katrina and the 2004 Asian tsunami. Cyber crooks use their publicity to carry out phishing scams and ID theft among other criminal activities.

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