2010-10-01
Abstract
Leading trade association reveals that banking and credit card fraud in the UK fell overall in 2009, with a decrease in all areas apart from online banking.
Copyright © 2010 Virus Bulletin
A leading trade association for the cards industry in the UK has revealed that banking and credit card fraud fell overall in 2009, with a decrease in all areas apart from online banking, which saw an increase over the previous year.
The UK Cards Association has reported that in 2009, online banking losses in the UK totalled £59.7 million – a 14% rise on the 2008 figure. The increase in online banking losses despite decreases in fraud in other areas is believed to be due to criminals using more sophisticated methods to target customers through malware, while the increased use of advanced fraud detection tools by banks and retailers has successfully reduced fraud in other areas.
The number of phishing attacks recorded during 2009 rose, with a 16% increase on the number reported in 2008. The association also collated information on phone banking fraud losses for the first time in 2009, recording a total of £12.1 million. Most of these losses will have been due to customers falling victim to phishing attacks either by cold calling or via email.
