UK Treasury Select Committee says banks doing 'little work' to combat online fraud

A report issued by a UK government committee states banks have done "little work" to improve online security and protect customers from online fraud. The UK Treasury Select Committee says that, when switching to internet banking, a customer is at a higher risk of fraud than when using regular banking.

The paper, however, does state reported internet fraud in 2009 decreased by 15% from 2008, during a period when internet transactions rose by 14%. George Quigley, a London-based risk and advisory