Online banking sees 185 per rise in fraud

03 October 2008

There has been a 185 per cent rise in online banking fraud in the first half of 2008, according to a new report.

A study by UK payments association Apacs found the overall losses total £21.4 million, reports SC Magazine.

In news which may influence information security jobs across the UK, the report also found that 20,000 fraudulent phishing websites had also been set up over the same time period.

According to Apacs, the large rise in online banking fraud was down to "criminals targeting e-banking customers through phishing and spyware scams".

Sandra Quinn, director of communications at Apacs, told the site: "Criminals continue to target those areas where we do not currently have the security benefits of chip and PIN, causing increases in fraud abroad and phone, internet and mail order shopping fraud."

The San Jose Mercury recently reported figures estimating that over 500 dangerous viruses and malware that target mobile internet devices had been identified.




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