According to a round-up of fraud during the 2008 business year published by APACS, a UK payment services organistion, online banking fraud has increased by 132%. The results show that card frauds topped the list with a total of 609.9 million pounds loss followed by online banking fraud at 52.5 million pounds and finally cheque fraud losses amounting to 41.9 million pounds. Card fraud mainly involved transactions that had no PIN or chip protection. While phishihg attacks continue to rise, malware attacks also seem to be on the rise. As a precaution, online bank customers are advised to always have ther firewalls switched on and to have their anti-virus software updted frequently.

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Posted by Shue on April 12th, 2009 :: Filed under Online Banking

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