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Online banking fraud up 132 per cent

New figures on fraud losses released by APACS, the UK payments association, have highlighted the need for proper online security as well as good internet security practices.

According to the data, phone, internet and mail order fraud otherwise referred to as card-not-present fraud has risen by 13 per cent in the last year by hitting £328.4 million from £290.5 million in 2007.

Protecting details from prying eyes online is also increasingly becoming vital as ID theft-related losses have seen a massive jump, recording a 39 per cent rise on 2007 to £47.4 million from £34.1 million.

The biggest leap has been recorded in online banking fraud losses, which have risen by a staggering 132 per cent, with losses totalling £52.5 million as a result of phishing and malware attacks.

Such online threats are the ones that are keeping pressure on the industry to continue reminding customers "to ensure that they have their computer's firewall switched on and anti-virus software installed and kept up to date", APACS said.

CyberSource Corporation recently revealed that around £1.4 billion a year is lost to online fraud by airlines.

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