Online banking fraud getting worse

06/04/2011

More than 50 Australians a week are falling victim to online banking fraud. Bogus bank email passwords have gone through the roof, an Australian Competition and Consumer Commission study is expected to reveal next week.

Incidents soared by 40 per cent last year. ACCC deputy chairman and head of the Australian Consumer Fraud Taskforce Peter Kell said the number of account holders reporting losses to cyber swindlers was rising. But experts believe the numbers are just the tip of the iceberg.

Bank sources estimated cyber criminals are bagging up to $1.5 million a month. The strong Australian dollar has attracted criminals in Eastern Europe and Asia.

Criminals have found new ways to trap unwary account holders. Bogus text messages and Facebook and Twitter are being used by criminals to capture personal data.

AusCert computer security expert Joel Hatton said "It's an arms race," Mr Hatton said. "Online financial fraud is only getting worse."

Source: Herald Sun