Online Banking Fraud on the Up

Online banking fraud in 2008 nearly doubled compared to previous years thanks to software that’s now available that enables fraudsters to track what you type.

The device is called keylogging, and enables fraudsters to gather passwords and credit card numbers.

Last year alone, online banking fraud reached a massive £52.5 million, compared to £22.6 million in 2007, and again, just £12.2 million in 2004, according to UK payment association – Apacs.

Losses due to fraud related to UK credit and debit cards also rose by 14%, reaching £609 million. However, most victims of card fraud aren’t liable and therefore get their money refunded.

Recent years has seen an increase in the number of people choosing to bank online, from the comfort of their own homes, as opposed to having to queue.

One Step Ahead

The problem of this is that fraudsters are usually one step ahead of consumers, and therefore, quickly adapt new technology. This has been seen clearly by the steady increase of internet banking fraud in the last few years.

The programmes that are used to target us by tracking our details usually find their way onto our computers via unsolicited emails.

A spokeswoman for Apac said: “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 introduction of card chip-and-pin numbers seemed to be doing the trick when it came to reducing card fraud, however, 2007 and 2008 has seen the number begin to rise once more.

Goods that are bought on the internet, over the phone, or via mail order are currently the number one target when it comes to card fraud. In these areas, pin numbers are not required, so it is hardly surprising that fraud in this area has risen by 13% to £328 million.

PIN Numbers Work

However, the most significant rise was 39%, which correlates to the number of people who take over other people’s accounts – ID theft.

Apac have admitted that, overall, card fraud losses have increased, but it says that if these losses are taken as a percentage of card turnover, these were actually falling.

It also pointed out that in the last 5 years, the most rapid acceleration in fraud was actually by fraudsters using cards overseas, especially in places where chip-and-pin is not in place. Apacs is therefore pressuring on many countries, including the US, to introduce chip-and-pin.

Anyone in the UK caught out by card/internet fraud is not liable according to the terms of the Banking Code as long as they have acted with ‘reasonable care’, and will subsequently be reimbursed.

However, the code also says that if the card is used before it is reported missing, or is someone knows a PIN, the victim has to pay the first £50 they lose.

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