'Phishing' was the fastest-growing fraud on the web in 2003, enriching cyber-criminals all over the world. Technologically proficient gangs are setting up fake websites that mimic famous companies and tricking online visitors to part with credit card details and other valuable financial information.

In a typical case, Nigerian conmen set up a duplicate version of NatWest's online service and used it to cheat two North Americans out of more than £100,000. The website was identical to that of the real bank but had an extra 'the' at the beginning of the web address. Once the trick was discovered, the site was shut down but the criminals behind it escaped. NatWest's owners, the Royal Bank of Scotland, have subsequently bought up a wide range of website addresses which feature 'natwest' in order to prevent a similar con in the future. Other banks who have suffered in similar ways include Barclays, Lloyds TSB, Nationwide, Halifax and Citibank

The issue of 'phishing' was emphasised in 2003 threat assessment by the National Criminal Intelligence Service. 'I have seen these sites and emails myself and they are often very sophisticated,' said an NCIS spokesman. 'They are extremely convincing, especially to people not very experienced online.'

Although 'phishing' hit a peak towards the end of last year, it is still a favourite fraud yet to run out its course. A man from Texas was arrested in March 2004 for attempting to 'phish' hundreds of America Online customers out of their credit card details. Obviously, one of the effects of being in the Internet age is that British consumers must now be just as wary of potential swindlers from Nigeria or Texas as they are those from Bristol or Birmingham.