Online banking fraud has increased dramatically over the past year with phishing, password stealing and trojans.

In the six months to June 2005 fraud cost the banking industry £14.5m. The comparable previous year figure was £4m.

The figures are from the Association of Payment Clearing Services.

Chip and pin, supposedly the great preventer of banking fraud, is simply causing the criminals to turn to the Internet.

Although a tiny percentage of all card fraud, the high profile of Internet banking could cause the banks reputational damage.

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