UK Money News
23rd April 2008
BBC: Online fraud more common than banks claim
Online fraud is a far larger problem than is currently thought, a BBC investigation has claimed.
Banking industry estimates issued earlier this year put the total losses from online fraud at £290.5 million, BBC Online reports.
However, reporters investigating the crime found that, when attempts to commit card fraud are factored in, the figure rises to £500 million.
The broadcaster's claims come as a study conducted by moneysupermarket.com found that Britons are negligent over the care of their cards despite the signs that fraud is booming.
Among the poll's findings were seven million people frequently allow their cards out of their sight, potentially leaving themselves open to card skimming scams.
Last month software security firm and anti-virus manufacturer Symantec claimed that so-called cyber-supermarkets are selling the bank and credit card details of British consumers online for as little as £5.
The addresses of firms found to be engaging in selling card details online which were uncovered by the BBC have been passed on to police.
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