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One in 10 web pages scrutinised by search giant Google contained malicious code that could infect a user's PC.
Researchers from the firm surveyed billions of sites, subjecting 4.5 million pages to "in-depth analysis".
About 450,000 were capable of launching so-called "drive-by downloads", sites that install malicious code, such as spyware, without a user's knowledge.
A further 700,000 pages were thought to contain code that could compromise a user's computer, the team report.
But increasingly, criminals are using drive-bys to install keyloggers that steal login and password information.
Other pieces of malicious code hijack a computer turning it into a "bot", a remotely controlled PC.
Drive-by downloads represent a shift away from traditional methods of infecting a computer, such as spam and email attachments.