Updated numbers on internet banking fraud in the Netherlands: 5 fold increase in 2010

In October 2010 the Dutch Banking Association (NVB) provided numbers on internet banking fraud in the Netherlands indicating an increase of about 450% in the first 6 months of 2010. Yesterday they provided updated numbers: over the whole of 2010 compared to 2009 the amount increase 5 fold (from €1.9 million to €9,8 million) and the amount of cases increased 10 fold (from 154 in 2009 to 1383 in 2010). Phishing attacks are becoming more professional, the ‘old days’ of phishing through emails written in very poor Dutch are behind us, and we’ve entered the age of sophisticated social engineering attacks and malware.

I agree with the statements of NVB that compared to the amount of people and money involved in internet banking these are still relatively small numbers, but the increase remains troubling. Also announced yesterday is that the Dutch banks  jointly with government (police etc) will prioritize internet banking fraude (in a taskforce).

On the positive side, although in absolute numbers skimming is still a bigger problem than internet banking fraud, this number is rapidly decreasing from €36 million in 2009 to €19.7 million in 2010.

2 Responses to Updated numbers on internet banking fraud in the Netherlands: 5 fold increase in 2010

  1. […] in the Netherlands provides numbers of internet banking fraud, I think twice a year (see also my last post on this). Yesterday the announced new numbers, together with a new awareness campaign for the public. The […]

  2. […] worries me most is the relative increase of these numbers, from 2009 to 2010 the damages increased fivefold, and from 2010 to 2011 they increased by a factor of 3.5. Playing with these numbers, damages in […]

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