Online banking fraud costs rise to £60m

According to the UK Cards Association, losses were up 14 percent, due partially to criminals gaining access to customer online details
Written by Nick Heath, Contributor

Online banking fraud cost the UK nearly £60m last year after a sharp rise in the number of criminals using malware to harvest people's bank details.

Losses from online banking fraud rose 14 percent in 2009 year-on-year to reach a total of £59.7m, according to the trade body for the payment cards industry, the UK Cards Association.

The association attributed the bulk of the rise to an increase in the number of criminals infecting online bankers' PCs with malware capable of gathering a person's online banking details, thus allowing fraudsters to steal money from their account.

For more on this story, see Online bank fraud costs UK £60m as malware merchants hit pay-dirt on silicon.com

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