Figures released by the Association of Payment Clearing Services (APACS) yesterday show online banking fraud is down 67% this year. Losses between January and June this year were £7.5m – significantly lower than the £22.4m of the previous year. Previously, online banking fraud was reported to have risen an astonishing 8000% from 2004 to 2006, so the reduction represents a welcome change.
APACS attributed the relative success to the efforts of the banks, with new measures to deal with online banking fraud including a set up scheme designed to shut down phishing websites quicker, as well as two-factor authentication which offers far greater protection from fraudsters.
However, it’s not all good news in the world of online fraud . Although online banking fraud losses have declined, online shopping fraud was up 44% from £68m last year to £137m this year. The increase has been accredited to the vast increase in online shoppers in recent years, with over 28 million people shopping online last year.
Online Banking Fraud Down
Online Banking Fraud Down
Fri, 05 Oct 2007
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