Online fraud losses drop as consumers grow savvy

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

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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