Dutch banks report huge increase in online fraud

Posted by   Virus Bulletin on   Oct 14, 2010

Users warned against phishing and becoming money mules.

Figures on online crime released by the association of Dutch banks (NVB) show a significant rise in indicents of online banking that led to damages.

During 2009, there were 154 such indicents with total damages amounting to 1.9 million euros - an average of over 12,000 euros per incident. In the first six months of 2010 there have already been 514 incidents with a value of 4.3 million euros. These figures follow a global trend where phishing and data-stealing malware are increasingly being used to break into users' online banking systems.

Banks are usually reluctant to release details about online banking fraud for fear of damage to their reputations. However, these figures demonstrate that, while a convenient and cheap way of dealing with bank accounts, online banking is not without its risks and the openness of the NVB should be lauded. The figures were released at the start of a campaign in which the public is warned about the risks of phishing, as well as warned against being hired as money mules.

More can be found in a press release here (PDF; Dutch).

Can your organisation afford to lose thousands of pounds because of banking fraud? Register now for the VB Seminar and learn from industry experts about the current risks and how to deal with them.

Posted on 14 October 2010 2010 by Virus Bulletin

twitter.png
fb.png
linkedin.png
hackernews.png
reddit.png

 

Latest posts:

New paper: Behind the scenes of GandCrab's operation

The GandCrab ransomware regularly updated itself to newer versions to stay ahead of decryptors released by security researchers, and regularly included taunts, jokes and references to security organizations in its code. In a new paper, the AhnLab…

VB2019 paper: King of the hill: nation-state counterintelligence for victim deconfliction

At VB2019 Juan Andres Guerrero-Saade looked at nation-state actors using threat intelligence for victim deconfliction. Today we publish both his paper and the recording of his presentation.

The VB2020 call for papers - how it works

With the VB2020 Call for Papers now open, we explain how the selection procedure works, which may help you during your abstract submission.

VB2019 presentation: Targeted attacks through ISPs

In 2019 we saw a rise in the number of targeted malware infections spread via ISPs and service providers. In a last-minute paper presented at VB2019 in London, Kaspersky researcher Denis Legezo discussed the details of a number of such cases. Today…

VB2019 presentation: A deep dive into iPhone exploit chains

In a last-minute presentation at VB2019 in London, John Bambenek of the University of Illinois at Urbana-Champaign discussed details of campaigns that used advanced iOS and Android exploit chains against China’s Uighur minority. Today we release the…

We have placed cookies on your device in order to improve the functionality of this site, as outlined in our cookies policy. However, you may delete and block all cookies from this site and your use of the site will be unaffected. By continuing to browse this site, you are agreeing to Virus Bulletin's use of data as outlined in our privacy policy.