APACS warns on online fraud

Research from APACS, the UK bank payments association, claims to show that punters are leaving themselves open to online fraud, and in particular, phishing attacks.

Researchers found that around 3.8 per cent of respondents said they would react to an unsolicited email from the bank asking them for security details.

Although the figure was slightly down from the 4.0 per cent reported in 2004, APACS says that only half of those surveyed this year said they would ignore these phishing emails, compared to 65 per cent back in 2004.

And, says APACS, the number of phishing attacks has soared more than 800pc in the past year, and hit a record figure of 1,484 last month.

So where is APACS heading with all of this? My spies tell me that some of the Irish banks are starting to refuse to reimburse customers who are `victims' of phishing attacks.

So far the UK banks haven't followed suit, but it can only be a matter of time before they do, as phishing attacks are clearly costing them a small fortune.

Poor dears - they'll be withdrawing free banking to pay for all this fraud soon...