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Home > Online banking fraud increases by almost half

Online banking fraud increases by almost half

1st April 2015 | Published by Evolution Money

Cases of online banking fraud rose by 48 per cent during 2014 as more and more consumers choose to carry out their banking via the internet.

According to Financial Fraud Action the rise is due to an increase in the distribution of computer malware and to people being conned into giving their personal details to fraudsters.

Firms are also more likely to become victims of fraud, often losing large amounts of money.

£60 million was lost fraudulently last year but, says the FFA, this is a “relatively modest” amount given that over half of all adults in the UK use online banking facilities.

Overall customers lost a total of £479 million through fraudulent use of their bank cards. This was a six per cent increase on the previous year, 2013.

Customers who lose money via their bank card are eligible for a full refund unless it can be established that they have been negligent.

Judith Donovan, from action group Keep Me Posted, said that the sharp increase in online fraud shows that customers must be given the option of going into a bank to conduct their financial transactions, should they wish. Banks are encouraging their customers to bank online for convenience but crime in this area is increasing. This is a particular concern for those groups who are not familiar with online banking technology and feel vulnerable.

Whilst online fraud has increased, the overall amount is down by 21 per cent from its peak of £609.9 million in 2009. Keep Me Posted suggests that this is because banks have increased levels of security. Fraudsters are now concentrating on tricking individuals into giving them their bank details through email and telephone scams.

The campaign group is calling for the government to raise awareness of fraud and to encourage consumers to use the latest anti-virus software which is often available from their banks, free of charge.

Category: Money
This post was written by Evolution Money
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