Criminals are using computers to commit increasingly
sophisticated frauds, and consumers are failing to keep up to date
with the threats out there.
According to the
Financial Risk Outlook (2009), published by the Financial
Service Authority (FSA), consumer awareness of the methods used by
fraudsters to steal money is poor.
The FSA said the frauds being committed often require more
detailed information about victims, which is being farmed through
technology. "Developments in the criminal use of technology allow
easier and faster access to valuable personal data, providing an
increased opportunity for committing e-crime," said the report.
Payments industry association Apacs reports that
the number of phishing attacks, where e-mails which try to
persuade unsuspecting victims to provide confidential bank
information and personal details. and money mule advertisements,
where fraudsters looking to recruit someone to transfer money from
one country to another on their behalf, both continue to rise.
Apacs said the number of phishing websites set up in the first
half of 2008 increased by 180% and thenumber of money mule
advertisements rose by 33% on the previous year.
"However, consumer awareness of financial crime risks and how
individuals may be targeted by criminals does not appear to have
kept pace with the change in criminal use of technology," said the
FSA report.
A spokesperson at Apacs said increasing the awareness of these
crimes is the responsibility of banks, consumers, retailers and the
government, as well as the police.