Fraud losses on UK cards have jumped 15pc year-on-year with a 70pc surge in online banking fraud

Banks appear to have lost ground to the criminals after figures showed a 71pc rise in online banking fraud, to £29.3m for the first half of the year. It comes despite the rollout of more stringent log-in processes, such as issuing customers with "security keys", calculators that generate new passwords each time a customer wants to access their accounts. Financial Fraud Action UK, an industry body, said fraudsters have been tricking victims into revealing their online banking passwords and personal information through posing on the phone as someone from a bank or building society fraud investigation team. The telephone scam, called "vishing", allows fraudsters to get around the anti-fraud technology and software banks have in place to try and stamp out fraud. A spokesman for Financial Fraud Action UK said: "The technology banks have been introducing over the last three years has helped fight against online fraud, but unfortunately criminals are beating the security systems simply through pressuring people to give away their passwords.".....Read more here