Dutch banks report huge increase in online fraud

Posted by   Virus Bulletin on   Oct 14, 2010

Users warned against phishing and becoming money mules.

Figures on online crime released by the association of Dutch banks (NVB) show a significant rise in indicents of online banking that led to damages.

During 2009, there were 154 such indicents with total damages amounting to 1.9 million euros - an average of over 12,000 euros per incident. In the first six months of 2010 there have already been 514 incidents with a value of 4.3 million euros. These figures follow a global trend where phishing and data-stealing malware are increasingly being used to break into users' online banking systems.

Banks are usually reluctant to release details about online banking fraud for fear of damage to their reputations. However, these figures demonstrate that, while a convenient and cheap way of dealing with bank accounts, online banking is not without its risks and the openness of the NVB should be lauded. The figures were released at the start of a campaign in which the public is warned about the risks of phishing, as well as warned against being hired as money mules.

More can be found in a press release here (PDF; Dutch).

Can your organisation afford to lose thousands of pounds because of banking fraud? Register now for the VB Seminar and learn from industry experts about the current risks and how to deal with them.

Posted on 14 October 2010 2010 by Virus Bulletin

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