UK Online Banking Continues to Lose to Online Criminals

As per the figures by Financial Fraud Action UK (the UK industry body charged with fighting fraud), online banking fraud losses amounted £39 Million during January-June 2009, up 55% from £25.2 Million lost during the corresponding period in 2008.

The company claimed that rise is primarily because of hackers using more sophisticated ways to attack online banking customers by means of malicious scams where systems of customers are targeted with a Trojan that tracks their keystrokes.

The security experts informed that the increasing use of banking trojans is one of the major dangers today. Using banking Trojans, the attacker can trace the keystroke data to extract user account details like that for online game accounts, stock-trading sites or online banking sites.

Extra information like details typed in e-mails or other documents can also be revealed. The experts have cautioned that this detail can then be sold or used to initiate further assaults.

Atleast 26,000 phishing cases were recorded during January-June 2009, up 26% from the amount witnessed during the first six months of 2008. phishing involves tricking users into revealing their banking information, usually by means of an official-appearing letter or site.

James Brokenshire, Shadow Home Affairs Minister, said that these figures demonstrate the increasing danger from Internet crime, as per the news published by Sky News on October 7, 2009.

Brokenshire claimed that for many years the UK has been looked upon as an easy prey for these scams. Until and unless some serious step is taken, confidence of users on the online services can't be strengthened, and this will be extremely hazardous for businesses. He also emphasized that a coordinated approach is required to prevent people from falling into the trap of online criminals, reported Belfast Telegraph on October 7, 2009.

Also, security experts suggested that users should make sure that their anti-virus solutions are updated. In case it is not, then it should be assessed consequently to keep away keyloggers and harmful banking Trojans. Further, they should regularly change their passwords.

Related article: US Passes Baton to Asia in Spam Relay

» SPAMfighter News - 10/27/2009