This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/6122116.stm
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Online banking fraud rises fast | Online banking fraud rises fast |
| (1 day later) | |
| A surge in "phishing" in the first half of 2006 has produced a sharp rise in the amount of money being lost to online banking fraud. | A surge in "phishing" in the first half of 2006 has produced a sharp rise in the amount of money being lost to online banking fraud. |
| Phishing involves using fake websites to lure people into revealing their bank account numbers. | Phishing involves using fake websites to lure people into revealing their bank account numbers. |
| The number of recorded incidents rose 16-fold to 5,059, said the Association of Payment Clearing Services (APACS). | The number of recorded incidents rose 16-fold to 5,059, said the Association of Payment Clearing Services (APACS). |
| That led to a 55% rise in losses from online fraud against banks, reaching £23m in the first half of 2006. | That led to a 55% rise in losses from online fraud against banks, reaching £23m in the first half of 2006. |
| However, the amount of money lost to credit and debit card fraud fell again. | However, the amount of money lost to credit and debit card fraud fell again. |
| Apacs said this was due to the continued impact of the new chip-and-pin cards. | Apacs said this was due to the continued impact of the new chip-and-pin cards. |
| Plastic card fraud in the first half of 2006 was down 5% on a year ago, at £209m, with losses due to cards that were stolen in the post being more than halved. | Plastic card fraud in the first half of 2006 was down 5% on a year ago, at £209m, with losses due to cards that were stolen in the post being more than halved. |
| "These latest fraud figures show that the industry's efforts are making their mark," said Sandra Quinn of Apacs. | "These latest fraud figures show that the industry's efforts are making their mark," said Sandra Quinn of Apacs. |
| Tracking down hi-tech crime | Tracking down hi-tech crime |
| Chip-and-pin | Chip-and-pin |
| Chip-and-pin cards were introduced by the banking industry in 2004 in an attempt to combat the rapid rise in fraud using plastic cards. | Chip-and-pin cards were introduced by the banking industry in 2004 in an attempt to combat the rapid rise in fraud using plastic cards. |
| Credit and debit fraud peaked that year at just over half a billion pounds. | Credit and debit fraud peaked that year at just over half a billion pounds. |
| But it then fell by 13% during the whole of 2005 and these latest figures show a further decline. | But it then fell by 13% during the whole of 2005 and these latest figures show a further decline. |
| Despite this, losses due to cards being used in telephone, online or mail order fraud continued to increase. | Despite this, losses due to cards being used in telephone, online or mail order fraud continued to increase. |
| This type of fraud, where the legitimate card holder is not present, rose by 5% in the first half of the year to £95m. | This type of fraud, where the legitimate card holder is not present, rose by 5% in the first half of the year to £95m. |
| And fraud using counterfeit cards rose even faster - up by 16% to £53m. | And fraud using counterfeit cards rose even faster - up by 16% to £53m. |
| Apacs said the main factor behind this was the fact that criminals continue to copy the details of people's magnetic strips - known as skimming - to create fake cards. | Apacs said the main factor behind this was the fact that criminals continue to copy the details of people's magnetic strips - known as skimming - to create fake cards. |
| These are then used at ATMs and tills in the UK that have not been upgraded to chip-and-pin or are used abroad. | These are then used at ATMs and tills in the UK that have not been upgraded to chip-and-pin or are used abroad. |