More UK Banking Fraud

There is always some kind of banking fraud going on, but the recent rash of fraud attempts in the UK has raised the alert level. UK banks have been actively securing their networks with high level encryption. Yet credit card and other types of fraud have been increasing through customers who have been infected with computer viruses.

Viruses Allow Increased Banking Fraud

The Financial Fraudulent Action group of the UK has reported that banks and financial institutions in the region have been beefing up security. They have implemented multifaceted encryption processes to better secure customer data. Despite these measures, there has been a marked increase in instance of credit card and banking fraud in the UK in just the first half of this year.

30 million British pounds were lost to online banking and 247.6 million to credit card fraud. This is already a 15% increase compared to 2013. Remote attacks are responsible for a 59% increase or 35.9 million pounds in losses and phone banking fraud went up by 20%, causing 6.6 million pounds in losses.

Security researchers have found that attackers are breaching bank security through customers. These customers are being infected with computer viruses that allow hackers to steal their financial data. The second hacker method used is social engineering where the attackers deceive customers into revealing their banking credentials and other personal information. The hackers then use this data to access customer accounts.

Encryption can secure customers from threats to their connections while transacting with banks and credit cards online. But this encryption does not protect their systems from attack. People need to use anti-virus programs, firewalls and VPN software to secure the devices they use to connect to their banks and online stores. This way, they can prevent virus infections that give hackers access to their usernames, accound numbers and passwords. People also need to be much more careful about verifying the identities of people asking for sensitive information over the phone.UK

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