On the 8th of October 2009, Financial Fraud Action UK reported that credit card fraud declined by an impressive 23% during the first half of 2009, compared to the first half of 2008.
Financial analysts believe the decline is due to more sophisticated fraud-monitoring technologies used by credit card companies and retailers to protect shoppers online. They also speculate that thieves are shifting their attention to online banking fraud instead of targeting credit cards.
And in fact, they are. On the 8th of October 2009, Business Week reported that online banking fraud in Britain increased by a whopping 55% during the first six months of 2009, compared to the first half of 2008. Financial Fraud Action UK announced that criminals are using more sophisticated methods to defraud online banking customers by way of malware and especially through phishing scams.
Whilst online security measures used by banks to protect Internet banking customers have been strengthened, consumers still need to protect their money. Staying on top of phishing scams and keeping the computer free of malware are essential ways to maintaining online financial security.
Never disclose personal information in response to an e-mail, or connect to a financial website using an e-mail link. Always type the address directly into your browser when visiting a bank or credit card company. Finally, always close the browser window after logging out of your account.