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Bank fraud costs 33,5 million GBP

Date: May 28, 2007
Source: which.co.uk


Convenience

Of those who have signed up to the new way of sorting out their finances, 53 per cent said they bank online because they believe it to be convenient.

Half said internet banking is easy to use, with a quarter citing speed as the main reason they have switched from branch to internet.

But with the rise in numbers going online to manage their finances, there has inevitably been an increase in the number of fraudsters targeting internet bankers.

In 2006, online banking fraud cost the industry 33.5 million in losses, compared with 23.2 million in the year before.



Phishing

Which? researcher Ian Robinson said: 'Online banking offers consumers many advantages in terms of convenience and control. It's notable too how internet accounts dominate our banking 'Best Buys', offering top rates of interest and high levels of customer satisfaction.

'Security is a worry, but it's worth remembering that if you suffer online fraud (through phishing or spyware, for example) you can normally claim your losses back from the bank. Which? is calling for revisions in the Banking Code to make this clearer. If you suspect you have been a victim you should contact your bank immediately.

'By making sure you have an up-to-date firewall and installing anti-virus software and antispyware on your computer you can greatly reduce the risk such attacks.'

* The July edition of Which? magazine contains a full report on internet banking.


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