Compromised Bank Accounts on the Rise in United Kingdom

A new report has revealed that cyber criminals have doubled up their efforts in a quest to compromise bank accounts in the UK and they have succeeded in doing so by developing new applications that target account holders.

A credit sourcing company named Experian, gave a complete breakdown and analysis of the current trend with regards to the rate of fraudulent applications. According to the firm’s report; in May, 2013, there were only about 48 fraudulent apps in every 10,000, but as it stands now, the figure has grown from a 2015 Q1 figure of 81 in every 10,000 to about 151 in every 10,000 presently.

Their analysis and presentation showed that from Q1 to Q2 of 2015 alone, identity theft applications that make up the bulk of the fraudulent apps have risen from 49% to 69%.

Nick Mothershaw, the director of identity and fraud at Experian UK&I, stated that the surge, as per accounts creation fraud, emanates from a holistic approach by cybercriminals on financial institutions.

He further stated that the good thing about the released figures is that, they were compiled from a list of detected and prevented attacks, so it means that financial institutions are well positioned to repel such attacks.

Nick said:

The good news is that these figures relate to detected and prevented fraud so these large-scale attacks are being blocked before the damage is done. However, it does reveal the fervor with which fraudsters are targeting current accounts and the dangers for both the individuals whose identities are stolen and the organizations trying to protect them.

The sad part is that these figures show the increased zeal and motivation at which cybercriminals are currently using to compromise people’s information.

It should be noted that online criminals are capable of obtaining all the information needed for bank accounts attack by purchasing compromised financial and personal data at Darknet hacking forums. They could also do so through phone scams, mail interception, malware for stealing information and other means etc.

Some experts, like Stephen Moody of ThreatMetrix, have suggested that the figures are far more extensive than those shown by Experian. He told that he has seen first hand, the real figures of new account applications fraud and that it really doesn’t look good.

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Ali is a freelance journalist, having 5 years of experience in web journalism and marketing. He contributes to various online publications. With a master degree, now he combines his passions for writing about internet security and technology. When he is not working, he loves traveling and playing games.