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Online criminals are making millions of pounds by using one of the oldest tricks available to get people to part with their money; fear. Convincing computer users to download fake anti-virus software, internet security experts claim.

Internet security experts Symantec recently reported that over 40 million internet users have had their personal details stolen in the past 12 months by harmful ‘scareware scams’. The download the user is convinced to download is usually harmful and criminals can use the software to get access to the victim’s credit card details. Symantec have identified over 250 different versions of ‘scareware’ currently operating, which can earn criminals more than £750,000 each year.

Scareware typically targets users via convincing pop up ads deliberately designed to resemble legitimate companies, and which then warn users that their internet security has been breached and their computer now needs protection. The user is then directed to another site where they can download the software they supposedly need to clean up and fix their computer – for a fee of up to £60.

Con Mallon, from Symantec released a statement regarding these recent results and how downloading this software could have a double impact on victims.

"Obviously, you're losing your own hard-earned cash up front, but at the back end of that, if you're transacting with these guys online you're offering them credit card details, debit card details and other personal information," he said.

"That's obviously very valuable because these cyber criminals can try to raid those accounts themselves or they can then pass them on or sell them to others who ultimately will try to use that information to their benefit not yours."

He then went into detail on how this scam in some cases had been taken further. "[They] could hold your computer to ransom where they will stop your computer working or lock up some of your personal information, your photographs or some of your Word documents.”

"They will extort money from you at that point. They will ask you to pay some additional money and they will then release your machine back to you."

This sort of scam is hard for the police and officials to investigate due to the relatively small sums of money being transferred. Therefore experts say that users should protect themselves with legitimate security software and good common sense.