UK Online Banking Fraud Up 8000%

Via BBC News -

The Financial Services Authority (FSA) told peers it was "very concerned" about the growth in "phishing".

Phishing involves using fake websites to lure people into revealing their bank account numbers.

The amount stolen is still relatively small but it is set to go up by 90% for the second year running, peers heard.

Between January and June 2005, the number of recorded phishing incidents was 312, the Lords science and technology committee was told.

The figure for the same period this year was 5,059, according to banking trade body Apacs figures.

The amount of cash stolen in the first half of 2006 was £23.2m, the committee was told, and was likely to be £22.5m in the second half of the year.

'Industrialised'

The increase was put down by Apacs security chief Philip Whitaker to better detection.

But Mr Whitaker told peers the criminals behind "phishing" scams were also becoming increasingly "industrialised" in their approach.

Lord Paul said the committee had been told one bank was being targeted far more than any other.

But Apacs director of communication Sandra Quinn rejected the peer's call to name the bank concerned, saying it would breach commercial confidentiality.

She said Apacs was there to represent the banking industry not the consumer, and had no plans to make public its list of banks being targeted by fraud.

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It kinda sound like this is based on just the reported phishing sites, so take the hard figure with a gain of salt...however this doesn't mean the real number is lower, sadly it is most likely even higher than 8000%.

Phishing and spam are the "cash crop" of organized crime rings. When all other money making tricks fail, they can always depend on phishing and spam to work.