Online banking fraud losses totalled £21.4m during the six months ended June 2008 – a massive 185% up on corresponding 2007 figures.
Figures released by UK payments association Apacs show the increase from £7.5m in H1 last year is chiefly the result of criminals targeting e-banking customers through phishing and spyware scams because they are unable to attack the banks' own systems.
More than 20,000 fraudulent phishing web sites were set up in the first half of 2008 – a massive 186% jump on the same period last year, while card fraud losses also reached record levels – up 14%, to £301.7m.
According to Apacs, more than 40% – as £121.2m – was the result of card fraud abroad, involving criminals using stolen UK details at ATM and retailers in countries which have not rolled out chip and PIN technology.
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