UK Online Banking Fraud Losses Up in 2009

UK Online Banking Fraud Losses Up in 2009

On 10th March 2010 the UK Cards Association released its figures on card and banking fraud in 2009. And there is some good news and some bad news for Britons.

The summary results are:

  • Fraud on debit and credit cards fell by more than a quarter in 2009 to about $658 million.
  • Counterfeit card fraud (skimming and cloning) fell by over a half.
  • Online banking fraud losses rose by 14% to $89 million.
  • Check fraud fell 29% from $62.6 million to $44.5 million.

The UK Cards Association says that the debit and credit card fraud fell as a result of improved card security technology, more sophisticated fraud detection by banks and retailers, and the work of DCPU-the banking-sponsored special police unit.

And the increase in online banking fraud losses is being blamed largely on criminals attacking online banking customers’ computer systems with more sophisticated techniques and malware, rather than targeting banks’ networks.

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