Customer experience benefitted from digital....fraudcosts not really
Online banking fraud jumped 48% to £60.4 million in 2014, according to figures put together by Financial Fraud Action UK (FFA UK), which blames the rise on malware and confidence tricksters. However, with just 53192 actual incidents of online banking fraud losses in the year, the FFA says that the problem is "relatively modest" for a country where nearly 30 million people bank on the Web. Meanwhile, fraud losses on UK cards went up by six per cent, totalling £479 million in 2014 versus £450.4 million in 2013. The FFA says the card losses are still 21% lower than the peak of £609.9 million back in 2008, but the figures do show that criminals are finding new ways to defraud customers since the introduction of chip and PIN.