Industry News Home More stories like this... RSS Feed

Online fraud up 185 per cent

The need to adopt proper internet security habits has been highlighted following revelations that online banking fraud through such things as phishing scams has reached record levels.

According to figures from the Association for Payment Clearing Services (Apacs), the amount lost to cyber crooks targeting online banking systems has risen by 185 per cent to settle at £21.4 million in the first six months of 2008.

The payment industry association blames a surge in phishing and spyware scams for the increase as well as the increasing sophistication in the methods cyber crooks are adopting to lure victims.

An Apacs spokesperson said: "Phishing scams have grown a lot more convincing and sophisticated. Two years ago, they were easy to spot because they were littered with spelling and grammar mistakes. Now, the websites really do look like the real thing."

According to the association, phishing scams involving cloned bank websites have quadrupled in the last two years from 5,087 in the first half of 2006, to 20,682 at present.

Apacs plans to launch a new campaign later this month titled Be Card Smart Online aimed at helping consumers stay safe online.

Internet security that offers effective three way protection against malware, spam and hackers. Visit www.pctools.com to upgrade your protection