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Online banking fraud rises by 48%


Following our story earlier this week about identity fraud being on the rise , Financial Fraud Action (FFA) has confirmed that loses from online banking fraud have risen by 48% in 2014.

As consumers increasingly conduct their banking affairs online, fraudsters continue to adapt ways to trick consumers out of their personal details. Use of computer malware is on the rise, and fraudsters have also started to target firms in order to steal more money. Overall losses from UK card fraud totalled £479 million in 2014, which was up 6% from 2013.

As banks and other institutions have adapted their technology with tighter security features, fraudsters have shifted their attention to tricking people out of their personal details by fake stories over phone or email.

The FFA has now called for a nationwide campaign to raise awareness of these crimes. It also recommended that people update their computers with the latest anti-virus software.

Campaigners have also said that in the future banks should continue to offer choice to customers who feel safer going into branch to sort out their finances. Judith Donovan, who chairs the Keep Me Posted campaign, which fights for a customer’s right to choose, said:
"Many banks and service providers want to encourage people to manage their accounts online and will stress convenience and speed as selling points.
"However, the fact remains that online fraud is increasing year-on-year with many criminals having a demonstrably greater grasp on technology than many of the institutions they are targeting.
"This is particularly concerning for older or vulnerable people who might not be as capable when using technology - how can these people be sure that they are not being targeted by criminals?"

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