Analysts Alert Customers of Phishing Scams Subsequent to Bank Breakdown

Analysts Alert Customers of Phishing Scams Subsequent to Bank Breakdown

Some security analysts warn customers trying to claim deposits from Icesave of possible phishing attacks.


Icesave is an online savings bank owned by Landsbanki, an international financial services provider based in Iceland. Icesave UK announced bankruptcy on October 7, 2008 which triggered a legal action launched by UK prime minister Gordon Brown for refusing to compensate any of the estimated 300,000 UK savers.



The UK government has announced it would foot the entire refunds of consumers and retail customers.  Financial Services Compensation Scheme (FSCS) will be sending two emails to Icesave customers providing information on how to claim their money. Classified information will not be asked; however this might still open a phishing opportunity for fraudsters.



David Holman, director of First Cyber Security, said, "I think my biggest concern is the fact they’ve told the market exactly how they're going to do it. I just think it’s a bit crazy to give a description."



Graham Cluley, senior technology consultant for security vendor Sophos, also noted, Icesave customers are considered susceptible to cyber attacks as they are anxious to what might happen to their savings.



Cluley recommends that customers should avert from clicking on any links or opening unknown emails. In addion, customers need to enter the correct Icesave domain name to avoid being redirected to another website.