29 Mar '15, 5pm

Online Banking Fraud Up By 48 % While Bitcoin Could Reduce That

Online banking fraud rocketed 48 % to £60.4 million in 2014 compared with 2013, according to a report released by Financial Fraud Action UK (FFA UK). As opposed to online banking where users can only rely on banks to secure their funds, Bitcoin is the great alternative which allows users to have an option of holding and securing their money. In spite of the 53,192 actual incidents of online banking fraud in the UK, FFA calls the issue “relatively modest” in a country where 30 million people use online banking. The figures in the report of FFA show a significant increase in the online banking fraud, however. FFA blames the rise in fraud on malware and confidence tricksters tricking users out of personal details. These statistics are not something that we are not familiar with and, in fact, unfortunately, these frauds are something that has been regularly happening. Security...

Full article: http://cointelegraph.com/news/113818/online-banking-fraud...

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