Last Thursday’s UK card fraud report was surprisingly positive – with card fraud losses down 23% for the first half of 2009 compared to the same period in 2008.

However, there was much worse news with respect to online banking fraud – which spiked up 55% in the same period.  I’ve not seen the data to quantify what that 55% was based against – whether last year had a very low fraud rate, or whether it was already substantial – I’ve only seen the headline reports.

I also don’t yet have details of what causes, or which transaction types, led to the surge in online banking fraud, although I suspect the recent avalanches of phishing and scam emails will have contributed.

It goes without saying that the relentless growth in Internet usage brings evermore inexperienced users into the sights of the fraudsters weapons, remember the basics -

1. NEVER click on any link, in any email, claiming to be from a financial company you deal with, even if you absolutely know the email is genuine – keep the good habit and always type the login address into the browser yourself.
2. As you find them, add to your email address book, the addresses for reporting spoof or suspected fraudulent emails for each of the financial companies you deal with on and off line – if you don’t report them, your bank or card agency can’t fight them.
3. Never type your user / account details into anywhere online (including web-based email messages) except on the genuine login page of your financial institution – you never know which pages are recording your details.
4. And just for the devilment of it … any time eBay or PayPal send you a news email with login or other links, always report those emails as spoofs – one day they’ll learn to practice what they preach.

The economic situation was predicted last year to see a surge in online fraud, although the anticipated card-fraud levels seem to have not materialised, whilst online banking has been hit harder.

Original story : News Agencies
More Information : BuildaSkill’s Banking & Payments discussion forums