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Publish date. 10-03-2010   Number of images. 6

Online bank fraud costs UK £60m as malware merchants hit pay-dirt

Silicon.com | Online banking fraud cost the UK nearly £60m last year after a sharp rise in the number of criminals using malware to ...

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Online banking fraud is on the rise(Photo credit: Shutterstock) The association attributed the bulk of the rise to an increase in the number of criminals infecting online bankers' PCs with malware capable of gathering a person's online banking details, thus allowing fraudsters to steal money from their account. Losses from card fraud fell in 2009 to £440m, a decrease of £170m year-on-year, while card-not-present fraud - where stolen card details are used to buy goods over the phone or internet - accounted for £266m of the losses, down from £328m in 2008. Phone banking fraud losses - mostly involving money transfers using stolen security details - totalled £12.1m. Cheque fraud losses also fell to £29.8m in 2009, down from £41.9m in 2008, with the majority of attempted cheque frauds getting stopped before the cheques were paid.
Online banking fraud is on the rise(Photo credit: Shutterstock) The association attributed the bulk of the rise to an increase in the number of criminals infecting online bankers' PCs with malware capable of gathering a person's online banking details, thus allowing fraudsters to steal money from their account. Losses from card fraud fell in 2009 to £440m, a decrease of £170m year-on-year, while card-not-present fraud - where stolen card details are used to buy goods over the phone or internet - accounted for £266m of the losses, down from £328m in 2008. Phone banking fraud losses - mostly involving money transfers using stolen security details - totalled £12.1m. Cheque fraud losses also fell to £29.8m in 2009, down from £41.9m in 2008, with the majority of attempted cheque frauds getting stopped before the cheques were paid.... Open »
Phishing attacks: Criminals send emails to account holders pretending to be their online bank and then direct them to enter their passwords on bogus sites Fraudsters used the internet to siphon off �59.7million in 2009, up 14 per cent on the year before. Sophisticated criminal gangs, many based in Eastern Europe and China, are thought to be behind the increase. As well as phishing attacks, some gangs implant spying software - known as 'malware' - on their targets' computers to track every website they visit and every password they use. Banks have blamed customers for falling victim to the scams and failing to install up-to-date antivirus software.   More...
Phishing attacks: Criminals send emails to account holders pretending to be their online bank and then direct them to enter their passwords on bogus sites Fraudsters used the internet to siphon off �59.7million in 2009, up 14 per cent on the year before. Sophisticated criminal gangs, many based in Eastern Europe and China, are thought to be behind the increase. As well as phishing attacks, some gangs implant spying software - known as 'malware' - on their targets' computers to track every website they visit and every password they use. Banks have blamed customers for falling victim to the scams and failing to install up-to-date antivirus software.   More...... Open »
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