The UK Payments Association released this month a press release outlining the changes in fraud over the last year. The press release said "Online banking fraud increases from £23.2m in 2005 to £33.5m in 2006".
While other types of fraud are falling (e.g. Total card fraud losses fall from £439.4m in 2005 to £428.0m in 2006 and Card fraud losses at UK retailers fall by 47%) this was one of the areas that was significantly rising along with Card ID Theft (up 5% to £31.9m).
Online fraud still represents slightly less than 10% of total Card fraud. However, the trend is increasing significantly and will likely continue to do so as phishing attacks get more clever. Be very careful of the links you click on or you may find your bank authentication information in the hands of criminals.
Guy
www.authenticationworld.com
guy.huntington@authenticationworld.com
Guy
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