Internet fraud increases at banks

The number of incidents of online banking fraud increased by 40 per cent last year, the Herald Sun reports.

Peter Kell, deputy chair of the Australian Competition and Consumer Commission, and head of the Australian Consumer Fraud Taskforce, said the number of account holders reporting losses to cyber-swindlers was rising.

The newspaper cited bank sources that estimated criminals are stealing up to A$1.5 million a month. More than 50 Australians fall victim to online banking fraud every week.

Thieves are also adapting their methods to modern media habits, using bogus text messages, and Facebook and Twitter to capture personal data.

The ACCC will publish a study of online fraud next week.