Fraud Investigations Show a 132% Rise in Bank Fraud
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by: searchrankpros7
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Many of us have recently seen the changes in bank security, such things as the new PINsentry system both when going inside the bank and when accessing it online. When thinking about the nature of a bank you would expect security to be at the level you see in the James Bond movies. However, the truth of the matter is far removed, from the most recent statistics it has been said that bank fraud has rose by 132% in the last year. Card fraud losses total £609.9 million, online banking fraud £52.5 million and cheque fraud losses amounted to £41.9 million.
From the statistics the main thing that each of us has to watch out for is ourselves. APACS warns that while phishing incidents have continued to rise, online banking customers are increasingly being targeted by malware attacks. Malware, also known as spyware has been one of the biggest issues that have been attached to the recent boom of internet usage for shopping.
Malware can come from many sources, be it from a website, software downloaded or from an email that was opened. The problem the ordinary person has is that they are under the illusion that they themselves do not have to worry about security as both internet sites and the banks should do it for them, however, the truth is far removed. The simple truth is that the banks and websites do not know how you look, who you are or any such personal details, the one thing they do know is your numbers. What this means is that if a person was to find out your password, pin and card number then they can buy whatever they want, when they want. Where do they get the information? Directly from you!
The problem with anti-malware software is that the way it works is to search files for sections of codes that it has been told are related to spyware. The simple issue with this is that new spyware, that uses a different code, is able to both be installed without you noticing and trace all your websites and keystrokes without you or your software noticing. In order to properly protect yourself you not only have to have anti-malware, but also anti virus and a strong firewall. Anti-virus software is needed simply because viruses can open ports (ways into your computer) that hackers can use to then view your history, take saved passwords or even take control of your computer. There are many companies that supply anti-virus software, but also look out for good reviews and products that have been around for a long time. A firewall is needed in order to close all ports, but for the ones you use. By doing this it stops the malware and virus from being able to open ports as easily, so even though the program may be on your computer without you knowing you have, effectively, neutered it.
The APACS estimates that card fraud costs every person in the UK £10 per year; online banking fraud £0.87 per year and cheque fraud £0.69 per year. If we each do our part to protect ourselves and tell others how to protect themselves then we can lead the way to stamp out online fraud.
About the Author
James Rason specialises in fraud investigation. For more information, please visit http://www.begbies-traynorgroup.com/investigations/
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