The UK's top lenders are teaming up to form a battle plan to try and prevent the rising tide of internet crime infiltrating the mortgage market.
Users of the Marlborough Stirling Omiga Mortgage system have been meeting regularly to put in place security measures to stamp out the threat of cyber thieves profiting from online mortgage transactions or defrauding lenders.
The group which includes Nationwide Building Society, Cheltenham & Gloucester and Birmingham Midshires says it has been working on the security measures following a report from big five accountancy firm PricewaterhouseCoopers that showed £10bn of internet fraud was committed in the US last year.
It is also responding to claims by Scotland Yard that internet hackers are set to target financial services transactions and warnings that the bandits, who have used mobile phones to steal more than £1m worth of premium rate calls from the Yard's own switchboard, should be taken very seriously.
The group says its crime busting deterrents are expected to be in place shortly and once they are operational it believes a national working group should be set up totally dedicating to combating computer fraud.
Marlborough Stirling director of e-commerce David Edwards says: “Criminals could at this very moment be dedicating themselves to working out how to hack into financial services transactions on the internet and interactive TV.
“The risk is absolutely minimal where we set up correct infrastructures and remain constantly aware of the need to make full use of security measures not simply have them in place.”