The Bank of Spain warns of the alarming increase in internet fraud

The Bank of Spain has spoken of its concern over the ever increasing cases of internet fraud committed in Spain over the last 3 years. According to a report commissioned by the bank the number of cases that have been detected over the last 3 years have increased by 30%.

In 2004 there were only 33 massive internet fraud ‘attacks’ known as phishing aimed at deceiving banks clients compared to 1184 cases detected last year. The increase in fake emails pretending to be banks saw a spectacular rise from 4 million fake emails sent in 2004 to 700 million in 2006.

The most common type of fraud committed online is the attempt to gain the personal log-in information of online banking clients via spam messages apparantly telling clients to click on a link and enter their username and password to supposedly enter their electronic banking facility. Infact what the fraudsters then do is divert the log-in information to their own database and then use the data themselves.

The Bank of Spain has stressed that people should be aware that no Spanish bank ever emails its clients to request their personal details or log in details.

Related: E-banking fraud in Spain