Fraud might be declining but other threats are on the rise. For example, the number of phishing sites have increased 3.5 times since last year, he said.

'In May 2005 there were 3,326 phishing sites that had been detected, and in May 2006 there were 11,976 phishing sites.'

Although it should be a well-known fact by now that no bank or financial institution will ever ask clients to put any financial or personal information in an email, phishing scams still succeed, he said.

'It's unfortunate that every time a phishing attacks occurs a couple of customers have obliged the fraudsters.'