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here was good news for the UK's financial institutions this week as the latest figures from payments association Apacs showed a large drop in online banking fraud. But total card not present (CNP) losses, including those from online fraud and phishing, jumped again by nearly 50 percent.
The drop online banking fraud will be good news for banks such as Barclays and Lloyds, which have been rolling out two-factor authentication devices this year in order to combat the growing number of man-in-the-middle and phishing attacks. The drop of 67 percent from £22.4m in the first six months of 2006 to £7.5m in the same period this year could also be explained by the unusually high level of online banking fraud at the start of 2006, according to Apacs.
"The drop in online banking fraud is down to online banks successfully implementing a range of back-end security measures to detect and prevent fraud," said an Apacs spokesman. "Also, banks continue to make their customers aware of phishing scams through statement inserts and messages on their own websites."
However, the number of phishing incidents actually rose from 5,087 to 7,224, while CNP fraud increased from around £95m to £137.......
The drop online banking fraud will be good news for banks such as Barclays and Lloyds, which have been rolling out two-factor authentication devices this year in order to combat the growing number of man-in-the-middle and phishing attacks. The drop of 67 percent from £22.4m in the first six months of 2006 to £7.5m in the same period this year could also be explained by the unusually high level of online banking fraud at the start of 2006, according to Apacs.
"The drop in online banking fraud is down to online banks successfully implementing a range of back-end security measures to detect and prevent fraud," said an Apacs spokesman. "Also, banks continue to make their customers aware of phishing scams through statement inserts and messages on their own websites."
However, the number of phishing incidents actually rose from 5,087 to 7,224, while CNP fraud increased from around £95m to £137.......
More visit here....Online fraud rises again
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