Consumers who regularly use online banking to manage their current accounts may be relieved to learn that fraud has declined. According to the UK Cards Association, the amount of money lost through online banking fraud totalled £24.9 million from January until July this year.

This is actually a 36 per cent drop on the 2009 half year figure, which is good news for consumers who use the internet to manage their current accounts. The fall has been attributed to an increased awareness in consumers about protecting their computers with anti-virus software and banks have implemented more fraud detection software.

Total losses on UK cards also fell in this period as the total amount stolen was £186.8 million, which is a 20 per cent reduction. This is the lowest half-year total in ten years and it is thought this is due to the increasing roll-out of updated chip cards in the UK, retailers raising awareness among consumers to protect their Pins and the growth in cardholders signing up for Verified by Visa.

If a consumer in the UK finds that money has been stolen from their current accounts due to fraud, they will be compensated.

Melanie Johnson, chair of the UK Cards Association, said: "These figures are testament to the importance that the UK's card companies place on driving down card fraud losses and reducing any inconvenience to customers.

"We are determined to make sure that customers feel as safe and secure as possible when they use their cards."

According to the National Fraud Authority, fraud in all its guises costs the UK £30 billion a year and online and card fraud only accounts for two per cent of that.

Online banking is increasing in popularity as 65 per cent of consumers are happy to pay a bill in that way and a further 55 per cent feel safe transferring money, suggests IMRG.

Consumers could compare different current accounts using a price comparsion site to find out what fraud detection software banks implement.