Losses from online banking fraud in the UK rose to £60.4m (US$89.4m /€82.6m) last year, against £40.9m in 2013, according to figures from Financial Fraud Action UK (FFA UK).
The body, which leads the payments industry’s fight against fraud, urged individuals to make sure they have the most up-to-date security installed on their computer, including anti-virus, and be careful not to open any suspicious links or emails.
It added that criminals are changing their tactics. Instead of directly attacking payments technology and systems, a growing number of scams aim to get people to simply hand over their financial details such as dates of birth, PIN numbers and passwords.
FFA UK said businesses are also being targeted by fraudsters as they potentially have higher amounts in their accounts.
The number of online banking fraud loss cases last year was 53,192, which FFA UK said is still “relatively modest” given that an estimated 26.9m people in the UK now use online banking.
Card fraud losses increased by 6% year-on-year (YoY) to £479m. Despite the increase, the figure is still 21% below the all-time peak recorded in 2008.
The number of card transactions taking place generally has increased by 50% since 2008, with 15.8bn transactions in the UK during 2014.
FFA UK, whose membership includes banks and card issuers among others, said a driver behind the increase in card fraud is criminals using UK cards fraudulently abroad, where they can potentially get round some of their security features.
Losses on purchases using a card remotely, such as online, over the phone or by mail order, increased by 10% in 2014 to £331.5m. Contained within these figures, e-commerce card fraud losses increased by 14% YoY to reach £217.4m.
FFA UK said fraud on contactless cards was still very low, representing just 0.7p in every £100 spent on contactless.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
On-Demand Treasury Management Solutions continue to gain increased adoption in the US and EMEA regions.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.