Subscribe to The Money StopNews Feed

Browse > Home / News, News-Banking / Online Banking fraud levels on the up

Online Banking fraud levels on the up

June 1, 2009 by admin  
Filed under News, News-Banking

Leave a Comment

These days more and more people are using online banking facilities in order to carry out their banking transactions, and with an increasing number of banks offering these facilities online banking has become very popular amongst those with busy lifestyles and lots of commitments.

However, recently released figures have shown that whilst the use of online banking has increased over recent years there has also been a jump in the level of online banking fraud.

One banking body claims that the level of online banking fraud more than doubled over the course of last year. Officials have said that fraudsters are using sophisticated devices to gain access to others’ online banking details so that they can then commit fraud. The device being used by many online fraudsters is known as keylogging, and this is where the keystrokes on a computer are tracked so that the fraudster can then gain access to credit card numbers and account details.

In 2007 the value of online banking fraud was £22.7 million, but in 2008 this more than doubled to a massive £52.5 million. The data comes from the UK’s payment clearance association, APACS. Officials have said that fraudsters are embracing new technology to carry out their crimes, which has led to the sharp rise in online banking fraud.

APACS officials are urging consumers to be on guard, with one official stating: “The industry continues to remind customers to ensure that they have their computer’s firewall switched on and anti-virus software up to date.”

The rise in was also highlighted by the association, although it was pointed out that this type of fraud had been boosted through CNP fraud, such as online and phone transactions, and also by overseas fraud using UK credit cards.

Tags: keylogging, credit card fraud, bank fraud, fraudster, online, Credit card, apacs, APACS officials

Tags:

Related Entries

  • Online Banking Fraud Rockets
    • Over recent years many UK banks and financial institutions have made online banking almost irresistible to consumers, offering bonuses and incentives for opening an online bank account, highlighting facts such as being able to conduct
  • Card fraud goes down whilst banking fraud increases
    • Recently released figures have shown that whilst credit card fraud in the UK has been going down, which will come as a relief to the many cardholders that have been fearful about becoming victims of
  • Online banking fraud rises
    • More of us are falling victim to online banking fraud, with new figures showing a huge increase within the last 12 months.Apacs, the UK payments association, says there was a 44 per cent rise in
  • 8000% Rise In Internet Banking Fraud
    • Many banks have started to offer online banking facilities in the UK, and some banks even operate exclusively online.  Although consumers seem to be growing increasingly confidence with regards to conducting their banking online, the
  • Chip and pin revolution boosts online fraud
    • One surprising outcome of the chip and pin revolution is that online fraud has risen, the trade association Apacs said today.The massive increase in UK consumers shopping online has proved fertile ground for thieves, as
  • Figures show fall in credit card fraud
    • Recent figures have shown that the level of credit card fraud seen in the UK during the first half of this year fell. In fact, according to recently released figures the level of fraud fell
  • Online Banking Fraud is on the Rise in the UK
    • The instances of fraudsters using software that enables them to access bank accounts has rose dramatically in 2008 when compared with such occurrences in previous years. According to bank authorities, online banking fraud doubled in
  • Internet card fraud is down
    • Internet card fraud fell during the Christmas period, despite a huge increase in the number of online transactions.Figures from internet fraud-prevention specialists Early Warning show that although shopping on the net increased by 40 per

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!