Online banking fraud surges PDF Print E-mail
Online banking fraud surges, RBS spend to boost Indian firms, MIF provides Caribbean tech support, and most ever charged in phishing bust.

Online banking fraud surges

Online banking fraud jumped by 55% during the first six months of this year as criminals become even more sophisticated in their use of technology, states BusinessWeek.

Losses from online banking fraud hit £39 million (R462.7 million) in the first half of the year, despite a decrease in the overall amount of credit card fraud in the UK.

Banking industry body Financial Fraud Action UK warned that online fraud is becoming increasingly sophisticated, with fraudsters targeting customers using malware and phishing scams.

RBS spend to boost Indian firms

Indian tech vendors are set to gain from around $9.5 billion technology spend planned by the Royal Bank of Scotland (RBS) over the next five years, according to The Economic Times.

Up to $2-billion worth of back office and application development maintenance projects could be outsourced to the Indian offshore suppliers including Infosys and TCS apart from the bank`s own IT captives in India.

RBS, which is owned 70% by the British government, aims to save around $4 billion in operational costs by 2011 by outsourcing non-core IT activities, integrating different technology banking systems and ensuring better focus on marketing initiatives.

MIF provides Caribbean tech support

The Multilateral Investment Fund (MIF) of the Inter-American Development Bank has agreed to provide $3.95 million in support of technology solutions that would improve access to the Caribbean`s financial services, reports SKNVibes.

 

According to a statement issued by the bank, the money would be used toward a series of projects that directly increase access to financial services in Latin America and the Caribbean.

 

Projects will be designed and implemented by microfinance institutions and would be geared toward reducing operational costs or helping to deliver new financial products. As much as $10 million has been budgeted for the overall programme to eventually be implemented.

Most ever charged in phishing bust

The FBI has charged more than 50 defendants – the most ever charged in a cyber crime case – for allegedly conspiring to steal the identities of thousands of Americans, the bureau announced, says CreditCards.com.

The investigation, dubbed `Operation Phish Phry,` includes 53 arrests in the US and 43 arrests in Egypt. Defendants in both countries worked together to obtain bank account numbers and related personal identification data from banking customers through "phishing," a method by which schemers use spam e-mails or pop-up messages to dupe victims into giving up their credit card and bank account numbers.

"This international phishing ring had a significant impact on two banks and caused huge headaches for hundreds, perhaps thousands, of bank customers," said George S Cardona, acting US Attorney, in a statement released by the FBI.

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