Online banking fraud up 185%

Online banking fraud in the UK soared 185% in the first six months of the year to £21.4 million, according to the UK payments association, Apacs, reports Information-age.

Apacs claimed the dramatic increase was due to the success of phishing and spyware scams, with over 20 000 phishing sites set up in the first half of the year.

While online banking fraud is booming, card fraud losses also reached a record high of more than £300 million, an increase of 14% on last year.

China's Industrial Bank announced its e-banking business volume takes up 35% of its whole banking volume, says Chinaknowledge.

The cumulative transaction volume of its 30 000 online corporate clients totalled more than RMB8 trillion, while its 1.31 million retail online clients' transaction volume amounted to RMB125.8 billion

The Chinese lender has established an integrated e-banking platform combining online banking, phone banking and cellphone banking.

Wells Fargo has unveiled vSafe, an online document storage system for its banking customers, reports Internetnews.

The system marks the expansion of its online offerings, which experience more than a billion transactions per year.

The vSafe service will allow customers to upload, protect, organise and access electronic copies of their documents and personal materials, such as loan and tax documents, wills, passports, birth and marriage certificates, photographs, and digital audio and video files.