42244 0 3 econsultancy_xml <p>There were 5,059 recorded phishing incidents in the first half of 2006, compared to just 312 for the same period a year earlier.</p> <p> <a href="http://www.apacs.org.uk/">APACS</a> Head of Security Colin Whittaker told peers that the increase in the volume of phishing attacks was due to banks’ success in combating the problem: </p> <blockquote> <p> <em>"The rate of growth in phishing is down to a number of factors not least that they have been able to industrialise the process by which the criminals are launching attacks.”</em> </p> <p> <em>“It seems people are falling victim to phishing attacks less often which is one of the reasons there has been an increase in the volume of phishing emails."</em> </p> </blockquote> <p>APACS estimate that £45.7 million will be lost to phishing scams in 2006, compared with £4.5 million in 2003/2004. </p> <p>However, the true extent of online fraud may be much greater, as banks and other online financial institutions are often <a href="/blog/604-banks-reluctant-to-reveal-full-extent-of-online-fraud">reluctant to reveal the true extent of online fraud,</a> through a mixture of fear of discouraging the public from banking online, and a lack of confidence in the police’s ability to deal with such threats. </p> <p>The FSA’s head of financial crime Philip Robinson told the committee that online banking organisations need to be more ‘<em>open and transparent’</em> in order to maintain public confidence in the system. </p> <p> <strong>Further Reading</strong> <br /> <a href="http://econsultancy.com/reports/online-fraud-roundtable-briefing-november-2005">OnlineFraud – Roundtable Briefing, November 2005</a> </p> <FormattedContent xmlns="http://www.e-consultancy.com/schema/formattedContent/"> <Paragraph>There were 5,059 recorded phishing incidents in the first half of 2006, compared to just 312 for the same period a year earlier.</Paragraph> <Paragraph> <Link URL="http://www.apacs.org.uk/" Window="New">APACS</Link> Head of Security Colin Whittaker told peers that the increase in the volume of phishing attacks was due to banks’ success in combating the problem: </Paragraph> <Block> <Paragraph> <Quote>"The rate of growth in phishing is down to a number of factors not least that they have been able to industrialise the process by which the criminals are launching attacks.”</Quote> </Paragraph> <Paragraph> <Quote>“It seems people are falling victim to phishing attacks less often which is one of the reasons there has been an increase in the volume of phishing emails."</Quote> </Paragraph> </Block> <Paragraph>APACS estimate that £45.7 million will be lost to phishing scams in 2006, compared with £4.5 million in 2003/2004. </Paragraph> <Paragraph>However, the true extent of online fraud may be much greater, as banks and other online financial institutions are often <Link URL="/blog/604-banks-reluctant-to-reveal-full-extent-of-online-fraud" Window="New">reluctant to reveal the true extent of online fraud,</Link> through a mixture of fear of discouraging the public from banking online, and a lack of confidence in the police’s ability to deal with such threats. </Paragraph> <Paragraph>The FSA’s head of financial crime Philip Robinson told the committee that online banking organisations need to be more ‘<Quote>open and transparent’</Quote> in order to maintain public confidence in the system. </Paragraph> <Paragraph> <Emphasis>Further Reading</Emphasis> <LineBreak /> <Link URL="http://econsultancy.com/reports/online-fraud-roundtable-briefing-november-2005" Window="New">OnlineFraud – Roundtable Briefing, November 2005</Link> </Paragraph> </FormattedContent> 2006-12-14T14:56:00+00:00 0 1 econsultancy_xml <p> <strong>The Financial Services Authority has expressed its concern about the rise in phishing scams to a Lords Parliamentary sub-committee, claiming that such incidences are on the rise. </strong> </p> <p>A spokesman from <a href="http://www.fsa.gov.uk/">FSA’</a>s Crime Team told the Lords that such attacks have risen by a staggering 8,000% over the past two years. </p> <p>Of course this statistic merely reflects a rise in 'reported' incidents, which does necessarily paint a precise picture of what's going on. </p> <FormattedContent xmlns="http://www.e-consultancy.com/schema/formattedContent/"> <Paragraph> <Emphasis>The Financial Services Authority has expressed its concern about the rise in phishing scams to a Lords Parliamentary sub-committee, claiming that such incidences are on the rise. </Emphasis> </Paragraph> <Paragraph>A spokesman from <Link URL="http://www.fsa.gov.uk/" Window="New">FSA’</Link>s Crime Team told the Lords that such attacks have risen by a staggering 8,000% over the past two years. </Paragraph> <Paragraph>Of course this statistic merely reflects a rise in 'reported' incidents, which does necessarily paint a precise picture of what's going on. </Paragraph> </FormattedContent> false 652 362372 Massive increase in phishing attacks, claims FSA false 2006-12-15T16:41:00+00:00 massive-increase-in-phishing-attacks-claims-fsa 2009-04-28T22:40:20+01:00 2009-04-28T22:40:20+01:00 212