Internet banking thefts rise dramatically

The number of attempted thefts over internet banking sites in Sweden increased by 3,000 percent last year. Online fraudsters laid their hands on a total of eight million kronor belonging to 300 Swedish bank customers.

Internet banking thefts rise dramatically

In 2005, only ten similar attacks were carried out. But despite the huge rise in frauds, the Swedish Financial Supervisory Authority (Finansinspektionen – FI), insists the problem should not be exaggerated.

“The major banks carry out 20 million kronor in internet transactions every month,” FI said in a statement on Monday.

Nonetheless, the problem of internet frauds is growing and the fraudsters are becoming more sophisticated.

“Continued attacks could affect trust in the banks’ services and could damage effectiveness in the financial system as customers return to manual services,” FI writes.

Banks currently compensate customers hit by online theft, but the law does not currently oblige them to do so.

“FI believes that companies ought to have the main responsibility and we will work to ensure that this becomes the case,” FI writes.