Online banking is convenient and fast. 300-milion people worldwide use the web to do their banking. With numbers like that, criminals are going to go where the cash is. As Christopher Budd with Trend Micro explains, that puts the bad guys right in your device.

We've seen this happening against some banks in Europe that have implemented even better security measures than US banks have, explained Budd.

Here's how the scam works. A person unknowingly hits a link or website that contains a virus. The virus is then downloaded to your computer or phone.

Now you go to your online banking, you put in your user name and password and it records information on how to access your account, said Budd.

Then when you stop banking, the bad guys start.

This virus is sitting there silently siphoning money off your account, explained Budd.

There's nothing new about this part of the virus. Where it gets different is after your account has been wiped out. That's when the virus will change your on-line account to make it seem like you have money in it.

The virus is forging the on-line statement in transit to you from the bank, said Budd. So the only way you can see this happening is to use the old fashioned paper statement.

The first step in protecting yourself is with anti-virus software for your computer and phone. And periodically check your account balances over the phone.

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