Online fraud losses drop as consumers grow savvy

Online fraud losses drop as consumers grow savvy

Summary: Fraud losses have dropped by 22 percent in the space of a year, despite phishing attacks being at an all-time high, according to a trade body

TOPICS: Security

Online fraud has dropped as consumers become familiar with the tricks used by online fraudsters to obtain bank details.

While the number of phishing attacks has risen to an all-time high, online banking fraud losses are down to £46.7m, which represents a 22-percent decrease from 2009 to 2010, according to figures from trade body the UK Cards Association.

A spokeswoman for the association told ZDNet UK's sister site that this fall is partly due to consumers understanding the risks involved in giving their details away. "People are receiving phishing emails but are not clicking on the links or giving out their details. People have become savvier and are reporting these emails instead," she said.

For more on this ZDNet UK-selected story, see Online fraud falls as consumers wise up to phishing on

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Topic: Security

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  • i have just told Microsoft about this company,ringing me 5 times in a fortnight(computer dialled)about fixing operating system faults on behalf of Microsoft and BT faults.Funny how there was a virus infection the same day,anyway i have sent them an email telling them to expect a class action against them!
  • This is good news and given the amount of publicity around online fraud in recent years it was surely only a matter of time until consumers became more savvy to these type of attacks. However, even phishing in its most basic form still fools some internet users, if it didn’t the practice wouldn’t still be so widespread. I recently attended a seminar run by ISC2 called “Computers don't commit crimes, people do!” and this got me thinking, how many times do we see on local news, read in local papers, or all over the Internet, coverage of the latest computer-based scam to part you from your personal information?

    The IT industry clearly has to do everything in its power to prevent things like this happening. But there is only so much we can do as an industry and there comes a point when users have to take responsibility for their own actions. More details on this seminar and related comment at
    F5 Networks