FDIC examiner David Nelson claims that online banking fraud, which typically involves the electronic transfer of funds, has steadily risen since 2007, as the malware continues to grow more common and sophisticated.
Nelson says that even though banks have increased security on their websites, customers may have become complacent with the authentication process.
READ MORE CONSUMER FRAUD LEGAL NEWS
Nelson says hackers typically target higher funds accounts and small businesses whose security controls might not be as stringent as a major corporation.
Avivah Litan, a financial analyst with Gartner, predicts that identity theft and consumer fraud will increase in the coming years, as password-stealing botnet programs are also on the rise.