UK Online banking fraud up 8000%

The UK has seen an 8,000% increase in fake internet banking scams in the past two years, the government's financial watchdog has warned.

The Financial Services Authority (FSA) stated it was 'very concerned' about the sophistication and prevalence of phishing attacks. Between January and June of 2005, the number of reported phishing attacks in the UK was 312; the figure for the same period this year was 5,059.

It's estimated that a total of £46m will be stolen in the UK through such scams in 2006 alone. Philip Robinson, the FSA's head of financial crime, was quick to point out that online banking is generally 'safe', but that it was important banks were 'transparent and open' about security breaches to keep customer confidence high.

News source: BBC News

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