29 November 2017 – One in ten UK adults (10%) have cancelled their credit or debit card in the last year due to attempted fraud, according to new research by comparethemarket.com. This equates to over five million people becoming the victims of the cybercrime in the last twelve months, highlighting the worrying levels of online fraud in the UK.
In a survey of 2,000 adults, comparethemarket.com found that not only are accounts being hacked, but significant amounts of money are also being successfully stolen in many cases. Of the 37% of people who had money stolen from their accounts, £544 was taken on average. Based on these findings, comparethemarket.com estimates that over £1 billion has been stolen as a direct result of credit or debit card fraud in the last year.
Despite having a lot of money stolen from their accounts, only 12% of people who were hacked in the last 12 months have changed their debit or credit card provider, whilst over two thirds (68%) have not considered, or have no intention of changing accounts.
This is despite the fact that, in over a third of cases (36%), the customer’s bank did not alert them to suspicious activity at the time of the cyber-attack. Incredibly, one in ten (11%) of those who were a victim of a cyber-attack in the last year took a week or more to notice they’d been hacked, suggesting a distinct lack of attention and action from their bank or credit card provider.
Public bodies are taking steps to address the rising levels of online fraud, with the Payment Systems Regulator recently announcing plans to reimburse those scammed into transferring money into fraudulent bank accounts. Consumers however remain dissatisfied, with over half (51%) of people hacked in the last year agreeing that the government is not doing enough to protect consumers from cybercrime.
The regularity of fraud is becoming a worrying trend, as over a third (35%) of those hacked in the last year have been victims of card fraud before. The number of people cancelling cards in the UK has risen to 5.2 million today, up from 4.5 million in September 2016 when comparethemarket.com’s research began. The most frequent point at which fraud takes place is during the payment process.