According to the same source, the increase can be attributed to fraudsters now employing technically sophisticated strategies and methods such as malware scams to attack online banking users’ PCs rather than the banks’ IT infrastructure. It has proven easier to exploit PC and operating system vulnerabilities than to break through the protection set in place by banks, Financial Fraud Action UK representatives have indicated.
The same industry body has revealed that card fraud losses dropped significantly during the same six-month interval, as did telephone, internet and mail order fraud levels. The biggest area of rising fraud was in online banking.
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