TechnologyOnline banking fraud soars 185%

Online banking fraud soars 185%

Losses from online banking fraud have soared by a huge 185% in the first half of the year

Online banking fraud losses totalled £21.4m during the six months ended June
2008 – a massive 185% up on corresponding 2007 figures.

Figures released by UK payments association
Apacs
show the increase from £7.5m in H1 last year is chiefly the result of criminals
targeting e-banking customers through phishing and spyware scams because they
are unable to attack the banks’ own systems.

More than 20,000 fraudulent phishing web sites were set up in the first half
of 2008 – a massive 186% jump on the same period last year, while card fraud
losses also reached record levels – up 14%, to £301.7m.

According to Apacs, more than 40% – as £121.2m – was the result of card fraud
abroad, involving criminals using stolen UK details at ATM and retailers in
countries which have not rolled out chip and PIN technology.

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