March 12th, 2010 
Before You Invest Online banking fraud surged by 14 percent in 2009, according to the UK Cards Association.
Research by the financial organisation revealed that the losses from online banking fraud totalled £59.7m in 2009. It said the increase was due to criminals using malware to target online banking customers rather than the banks’ own systems, which are more difficult to attack.
The research also revealed there was a 16 percent increase in the number of phishing incidents reported during 2009.
“Although online banking fraud losses have shown a year-on-year increase, card fraud remains a main focus of criminal activity,” said David Cooper, chairman of the Fraud Control Steering Group.
“However, the industry remains committed to containing and reducing all areas of fraud.
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