Losses to Online Banking Fraud Down
Fraud losses to online banking fraud are now down to at least one third.
In 2007, losses caused by fraud summed up to £22.6 million, down from £33.5 million back in 2006. These develeopments have resulted from the security measures that was put into place, said the Association for Payment and Clearing Services (APACS).
In spite of this, phishing and other methods of attacks have been on the rise this year as there have been more than 20,000 recorded phishing attacks during the first half of 2008, almost double the figure from the previous year.
Cyber-criminals are now shifting to phishing and other forms of social engineering to trick users in providing the information that they need. Another common method is through the use of spyware. These methods attack the users, since banks are more difficult to attack.
on 2008-11-07 at 22:43:36
This comment is awaiting moderation.on 2008-10-14 at 01:08:31
@ stare_at_the_abyss71: Actually, just like any business, fraud is always included in the calculation of online banks. I'm sure they make up for that loss in many ways. I don't have any data whether traditional banking is safer than online banking, but you've got to remember that traditional banking has a longer history of fighting against bank fraud. It might be safer in that respect, but I'm not really sure.on 2008-10-07 at 23:27:19
What? Losses to online banking fraud actually reached £33.5 million in 2006? Wow, that's freakin' huge. I didn't know fraud can do so much damage. Is bank security really that hard? How about traditional fraud, not online? Does it cost as much?on 2008-09-24 at 22:56:39
I guess banks nowadays are more and more aware of the importance of online security especially now that online banking has become all the rage for people.