55% losses due to online bank frauds
Date: November 10, 2006Source: cio.com
U.K. banks reported a 55 percent increase in losses from fraudulent online transactions for the first half of the year, mostly from phishing scams, an industry trade group reported Tuesday.
Losses totaled 22.5 million pounds (US$42.8 million), up from 14.5 million pounds from the first six months of 2005, according to the Association for Payment Clearing Services (APACS).
The loss figure isn’t broken down by individual financial institutions. APACS’ 31 members, including HSBC Bank and Barclays, account for about 97 percent of bank and credit-card transactions within the United Kingdom.
The figures underscore continuing problems with phishing, where criminals try to capture financial details through fraudulent e-mails and sophisticated fake banking websites. Account numbers, log-ins and passwords are often then sold online to other fraudsters who try to turn them into profit.
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