NatWest fraud gang just tip of the iceberg

NatWest customers lost £600,000 to just one criminal gang

Security experts are warning that the London-based gang on trial for defrauding NatWest customers online is just the tip of the iceberg when it comes to the number of internet fraudsters currently operating.

The gang pleaded guilty today at Southwark Crown Court of conspiracy and money laundering, according to an Associated Press report. The group had used a Trojan virus to harvest the account details of over 100 unsuspecting customers, transferring funds of £600,000 into mule accounts.

Mel Morris, chief executive at intrusion prevention firm Prevx, argued that prosecutions of online criminals are all too rare.

"Whilst this case is definitely good news for NatWest and its customers, it really is a drop in the ocean when compared to the number of criminals out there constantly launching a variety of attacks on banks," he said.

"This vicious circle of online banking fraud can only be broken when banks and their customers can easily lock down an online banking session so that even an infected PC is prevented from exposing banking details."