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In a bid to cut rising cyber fraud levels, Barclays Bank has cut the amount its internet banking customers can transfer online to external accounts by half, to just £1000.
The change is thought to affect all payments made to third parties that the bank does not recognise as a business.
In addition, customers who have set up transfers to companies as regular payments rather than bill payments will have to change them to e-bill payments if they want to pay more than £1000.
Figures released last month by Apacs revealed that direct fraud losses from online phishing scams in the UK almost doubled in 2005 to £23.2 million, compared to £12.2 million in 2004.
Source:
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