Fresh fraud figures freed
By David Neal
Friday, 22 January 2010, 16:25
ACCORDING TO A REPORT from the National Fraud Office, banking and card-not-present crimes are costing the private sector millions.
Today the NFO warned that online banking, card-not-present, and cheque fraud have lead to increased losses for organisations.
It explained that in 2008 losses in all to three areas totalled £704.33 million, adding that in 2009 card-not-present fraud alone had risen by 14 per cent to £609.99 million.
Editor's Note: Those numbers translate to the following: Card Not Present (typing card numbers into a box on a website) Fraud (£609.99 million) is responsible for 86.6% of the total £704.33 million lost.
HomeATM transforms the "card not present" environment of the internet into a "card present" environment, thus eliminating "Card Not Present" fraud.
We also eliminate the threats posed by phishing, which, in 2009, successfully targeted six times more victims than 2007. By swiping, consumers eliminate the current practice of typing their sensitive data into web browsers. Consumers could no longer be duped by phishing attacks asking them to type data into boxes on cloned websites, because they no longer type their online banking credentials at the genuine site.
Online banking fraud has risen dramatically since 2007 according to the report, and it expects this trend to continue.
It said, "These losses coincide with a significant increase in the number of phishing sites targeted against UK banks and building societies. Likewise malware, spyware and money mules continue to cause problems for the banking industry and its customers."
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