Fraud Rate with Internet Banking Is Increasing
The number of online banking fraud cases has risen in recent months. At the end of October this year, the counter stands at 826 cases of fraud for a total amount of approximately EUR 2.5 million. The number of fraud cases is still minimal compared to the 8.1 million internet banking subscriptions and the 460 million sessions that are recorded each year. This amounts to fewer than 2 cases of fraud per 1 million sessions.
It is striking that the increase is mainly due to phishing. The fraudsters first send the customers emails – supposedly in the name of the bank – and ask them to enter a number of data, including their telephone number, on a website or in an attachment. The fraudsters then make contact by telephone, impersonate a bank employee and ask for the response code that appears on the screen of the card reader. With this information, the fraudster will unlawfully transfer money from the customer’s account.
Last year, malware was still the main culprit in internet fraud. These are malicious viruses that install themselves on customers’ computers that are insufficiently protected.
Tomorrow a video will be shown at the Belgian Internet Security Conference in which a victim of phishing testifies about the fraudsters’ working method. The video, which Febelfin also participated in, will also be available on both www.safeinternetbanking.be and on the websites of several financial institutions.
The message of the video is clear: anyone banking via the internet must know that a bank will never ask its customers for internet banking codes, such as the response code, by telephone or e-mail! If that question is asked, know that there are fraudsters on the line and that you cannot answer their question.
The testimony of the fraud victim in question shows that not only the financial institutions, but also their clients must take the necessary security measures and exercise caution to prevent fraud in internet banking. Febelfin gives some tips.