Online banking fraud up 71%
Banks appear to have lost ground to the criminals after figures showed a 71pc rise in online banking fraud, to £29.3m for the first half of the year.
It comes despite the rollout of more stringent log-in processes, such as issuing customers with “security keys”, calculators that generate new passwords each time a customer wants to access their accounts.
Financial Fraud Action UK, an industry body, said fraudsters have been tricking victims into revealing their online banking passwords and personal information through posing on the phone as someone from a bank or building society fraud investigation team.