UK: online banking fraud grows with 71% for 2014

Monday 15 September 2014 11:19 CET | News

UK online banking fraud has exploded in 2014 with GBP 29.3 million worth of damage being done in the first six months, 71% higher than 2013, a recent study shows.

According to data from Financial Fraud Action UK, telephone fraud also soared to GBP 6.6 million, up 20% since 2013. Criminals are targeting business accounts because they typically allow higher value fraudulent transactions.

Research reveals a quarter of customers not taking steps to challenge the identity of a cold caller, with this figure rising to 34% of 18-24 year-olds.

There is also an increasing number of criminals who are using computer viruses to steal personal and financial information. Figures show that losses on UK cards accounted for GBP 247.6 million in the first six months of 2014, a number that is 15% higher than 2013. Losses on remote card rose to GBP 174.5 million in the first six months, up 23% since 2013, with ecommerce fraud making up GBP 110 million of this.

Findings also indicate that there has been a rise in criminals calling people at home while posing as the bank, police or representatives of other trusted departments. These cold calls typically involve the fraudster tricking their victim into revealing personal or financial information, such as their four digit PIN or online banking details, transferring money into another account or accepting a courier into the home to pick up a bank card.

However, cheque fraud fell 34% in 2014 while counterfeit card fraud rose by 4%.

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Keywords: online banking, online secuirity, UK, web fraud, cards, digital identity, fraudulent transactions
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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