More people are using internet banking than ever before. In fact, this week Financial Fraud Action reported that the number of internet users who bank online has risen to 50% for the first time. That's around 22 million people!

With that in mind, I think now is a great time to take another look at how to protect your accounts from online fraud. Online banking is very secure, but you should still take precautions to keep your money safe.

Let's start off with some common online banking scams. After all, if you can recognise the signs of fraudulent activity, it will be easier to protect yourself.

Common online banking scams

Phishing

Phishing involves sending hoax emails which attempt to extract your bank details and personal security data. Often the sender will claim to be from your own bank and will ask you to verify your current account details by clicking on a link. But this link actually takes you through to a fake website which looks exactly like your bank's own site. Once you have inputted your details they are available to the fraudsters who set the fake site up.

Malware

Malware - or malicious software - is a computer virus which can be installed on your PC without you even realising it. Fraudsters will encourage you to open an email attachment, but in doing so you'll have unwittingly unleashed a Trojan virus which can monitor your PC activity, allowing fraudsters to steal your passwords and other personal information.

Money mules

Where the perpetrator is based abroad it can be very difficult to move the proceeds of fraudulent activity in the UK back to the perpetrator's country. This is where a money mule comes in.

Fraudsters usually make contact by email and try to persuade you to accept money into your bank account for a seemingly legitimate reason. You are then asked to wire the funds overseas, sometimes in return for a fee. Money mules can be prosecuted even if they weren't aware the transaction was illegal.

Top tips for protecting against online banking fraud

Now you've got a good idea of what typical online banking scams look like, let's take a look at the best ways of protecting yourself against them with these top tips:

• Always install up-to-date anti-virus software and a firewall to protect your PC.
• Always download the latest security updates for your system.
• Always set your browser at the highest level of security notification.
• Delete suspicious emails immediately.
• Treat all emails claiming to be sent from your bank with caution, even if they appear legitimate.
• Remember your bank will never ask for your login details or personal security data by email.
• Never open an email attachment from an unknown source.
• Don't open an attachment from someone you know unless you're expecting to receive it. Their PC could have been taken over without them knowing.
• Scam emails often ask you to click a link which takes you through to a fake website. This may look identical to your bank's own website - don't fall for it.
• If you think you might have received a scam email, report immediately.
• Only do online transactions where the URL in the address bar says 'https' and not just 'http'. The 's' stands for secure.
• Never reveal your passwords or your PIN to anyone.
• Never leave your PC unattended when you're logged into an online banking service.
• Check your accounts regularly for suspicious activity. Alert your bank immediately if you come across a potentially fraudulent transaction.

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