Online banking fraud losses are down 67 per cent on the same period last year, according to figures released by banking body Apacs today.

Losses between January and June last year were £22.4m, compared with £7.5m this year.

The drop is down to the efforts of the banks, said Apacs director of communications Sandra Quinn.

"The industry continues to work with law enforcement, card accepting businesses, the Home Office and organisations such as Crimestoppers to help deter the fraudsters," she said.

Many banks have introduced two-factor authentication and set up scheme to have phishing web sites shut down faster.

But while online banking fraud losses were down, online shopping, phone and mail order fraud was up by 44 per cent to £137m.

Apacs blames the rise on an increase in the volume of people shopping online. Numbers have shot up by 157 per cent in the last five years, from 11 million in 2001 to over 28 million last year. Online, phone and mail order fraud has grown by 122 per cent over the same period.