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According to the UK government-funded organisation GetSafeOnline.org, internet fraudsters take as much advantage of an individual's accessible finances as they can in a short space of time, before moving on to the next victim. For most people, this could mean emptying their current and savings accounts, and spending the full limit of their credit cards.

The warning comes at the start of the fourth annual Get Safe Online Week. Tony Neate, managing director of GetSafeOnline.org, said: "We are actively encouraging more people to go online, but in doing so, to ensure that they are safe and secure. We want to draw attention to the fact that online criminal activity can be a sophisticated business, but that each of us can take steps to prevent ourselves from becoming a victim."

"If internet users invest a relatively small amount of time and money in ensuring they are fully protected and up to date, the risk of such financial loss is almost negligible. To install the essential software and

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learn about the key safety measures on the Get Safe Online website takes a matter of a few hours - a small but worthwhile inconvenience compared to the potential loss," added Neate.

Encouragingly, GetSafeOnline.org estimates that 85 per cent of UK internet users have some form of antivirus software in place to protect their computers. However, the organisation's 2008 Get Safe Online Report, published today, shows that almost half (48 per cent) of UK internet users are still not updating their antivirus software frequently enough to ensure it remains effective. In addition, almost a quarter (23 per cent) do not have any anti-spyware protection, and nearly half (47 per cent) do not have website authentication software to protect themselves from phishing attacks.

Notably, the number of phishing attacks, which involve sending fraudulent emails designed to trick internet users into submitting their financial or other confidential details, is rising sharply - 23 per cent of UK internet users surveyed said that they or someone they knew fell victim to such an attack this year, compared to just eight per cent in 2007. The attacks are automated and involve sending thousands of messages, so only a few responses are required to make it profitable.

Nick Staib, director of GetSafeOnline.org and senior manager at HSBC, warned: "If your financial reputation has been compromised through identity theft, this could have an impact on your ability to obtain credit or borrow money in the future. Even with an explanatory note on your credit record, you may be viewed as 'high risk'."