As Internet users, we are all vulnerable to online scams. Unluckily for us, as soon as we become pretty good at spotting one type of attack, another more sophisticated version comes along in its place. Recently, consumers have been warned of a possible threat from a new scam known as 'tabnapping' which takes phishing one step further. 

What is tabnapping?

Until now, phishing has always involved a sender of a hoax email pretending to be your bank in an attempt to steal usernames, passwords and bank details. When clicked, the link in the email actually directs you to a fake website which looks just like your bank's own website. Once you have typed in your login details they can be accessed by the criminals who set the fake site up.

In recent times, consumers have learned to spot phishing attacks as described above making it more difficult for scammers to succeed; however, tabnapping could be the scam to watch out for next.

How does the scam work?

Tabnapping is the most sophisticated phishing scam that we have seen so far as it no longer relies on a consumer clicking on a link. Instead it targets Internet users who open several tabs in their browser at the same time.

How does it work? By replacing an inactive browser tab with a fake page set up specifically to obtain your personal data - without you even realizing it has happened.  Believe it or not, scammers can actually detect when an opened tab has been left inactive and use it to spy on your browser history to find out which websites you regularly visit, and therefore which pages to fake.

How might tabnapping work in practice?

Let's say that you open the login page for one website, but then you decide to open a new tab to visit another website for a few minutes, leaving the first tab unattended. When you return to first site's login page, it looks exactly how you left it. What you haven't realized is that a fake page has taken its place, so when you type in your username and password, you have inadvertently given the scammer easy access to your account.

Even if you have already logged into your account before opening another tab, upon returning you might find that you are being asked to login again. This may not necessarily rouse any suspicion since you might simply assume you've been logged out because you left your account inactive for too long. You probably won't even think twice before logging in for a second time. But this time, you have accidentally entered your security details into a scammer's fake page which have been sent back to their server.

How can you protect yourself against tabnapping?

As scary as tabnapping may seem, it is relatively easy to avoid. Here are four simple ways you can prevent yourself from falling victim:

• Make sure you always check the URL in the browser address page is correct before you enter any login details. A fake tabbed page will have a different URL to the website you think you're using.

• Always check the URL has a secure https:// address even if you don't have tabs open on the browser.

• If the URL looks suspicious in any way, close the tab and reopen it by entering the correct URL again.

• Avoid leaving tabs open which require you to type in secure login details. Don't open any tabs while doing online banking - open new windows instead.

The Benefits of a Biweekly Mortgage

By Shirley Lewis, Branch Manager, Skowhegan Offices

Most homeowners cannot afford to buy a house outright in cash - hence we have mortgages that allow us to pay over time, and give us a basic roof over our heads or a dream vacation home.

As with any loan, there is interest attached and this adds up over the life of a 30-year mortgage loan. However, there is an easy way to shorten the life of your mortgage and cut the interest you owe dramatically - the biweekly loan.

Most mortgages are paid on a monthly basis; the biweekly system is based on 26 payments per the calendar year. With biweekly payments, you pay half of the monthly mortgage payment every 2 weeks, rather than the full balance once a month.

This is comparable to 13 monthly payments a year, which can result in faster payoff and lower overall interest costs. The benefit of this is significant; a 30-year loan, at 7% interest, will be paid off in just 23 years.

Here's how it matches up on a typical 30-year, fixed-rate loan:

Loan Details

Interest Rate: 7.000 %

Loan Amount: $100,000.00

Starting Date of the Loan: 7/21/2010 (biweekly payments start in July, 2010)

Monthly Mortgage Payments: $665.30

Biweekly Payments: $332.65

Biweekly Payment Plan

Biweekly Payment: $332.65; Total interest paid: $105,046.26

Monthly Payment Plan

Monthly Payment: $665.30; Total interest paid: $139,508.90

Your Savings: Total interest saved: $34,462.64, 75 months shorter loan

In order to set up a true biweekly payment schedule, you must have a lender that will immediately credit each 1/2 monthly payment upon receipt. The lender must calculate interest for two-week intervals and apply the biweekly payments less the interest to reduce principal every two weeks. This is easy to do with the bi-weekly loan from Skowhegan Savings. To make it even simpler and more efficient, the funds can be automatically deducted from any Skowhegan Savings deposit account.*

If you are interested in transferring your mortgage or are in the market for a new home and think a bi-weekly payment plan might work for you, please stop by any branch office to speak with a lender about your mortgage options. 

 *Must be a Skowhegan Savings account only.