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News - 17 March 2007
‘Phishing’ losses up by 44%
Losses from online banking fraud are rocketing as customers fall for scam emails purporting to be from their bank duping them into disclosing their security details.
The fraud is currently costing £640,000 a week and has risen to £34m p.a. up from just £12.2m two years ago.
Losses from fraudulent use of credit cards in shops has been reduced dramatically by the introduction of chip and pin technology but it has been matched by an increase of cardholder-not-present fraud and the use of UK cards abroad totalling losses of £212.6m.
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