The Netherlands face Internet banking fraud increase

The Netherlands face Internet banking fraud increase

Dutch banks are grappling with a recent increase in Internet banking fraud, according to figures by the Dutch Banking Association.

The damage suffered by banks because of internet banking fraud has increased sharply. Total losses to the banks for 2010 internet banking fraud reached 9.8 million Euro. With more than 11.2 million Euros in Internet banking fraud losses in the first half year alone, 2011 already ranks as the most expensive year according to the Dutch Banking Association (NVB).

According to Dutch Bankers, 2010 experienced 1383 online banking fraud cases. That number rose to 2400 fraud incidents for the first half of 2011.

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