According to a study conducted by the price comparison site comparethemarket.com, one in ten consumers are victims of cybercrime. The report covers a wide range of internet security offenses, including credit card, bank fraud, hacking, online shopping as well as romance frauds. In 62% of cases money was removed successfully from the account, with an average of £475 being taken. Throughout the UK, this is adds up to just over £2.1 billion being taken in the past twelve months. As well as an astounding 4.5 million from credit cards that were canceled.
According to Jody Baker, the head at comparethemarket.com, “We’re constantly being warned of the dangers of cyber-attacks but it is still a shock if it happens to you.” Baker added that “Most of the transactions we make now are digital and our research suggests that over a quarter of people carry as little as £10 in cash. With so many of us shopping and banking on the internet, combined with a rise in contactless payments, it is more important than ever to be vigilant when managing your money.”
Baker suggested that all consumers should regularly check their bank accounts for unusual activity, as there are times where criminals make small thefts that are difficult to see rather than much larger one-off thefts.
The survey uncovered that of people who have been scammed or defrauded in the past year, around 31% reported that hack happened while making a payment online, whereas 10% had their credit card reproduced on an ATM machine. 8% had been hacked when making a contactless payment.
Unfortunately the outcomes reveal that some people are still not taking steps to help them secure and protect their money online. 25% of consumers admitted that they used the same password and PIN number for each of their online and card accounts. The research found that 53% of people do this mainly because of convenience and 42% do not want to memorize different numbers.
On the whole, consumers are satisfied with the way their banks are dealing with cybercrime. 68% said there were very satisfied. 71% said that their credit card and bank provider had told them about the security breach, and another 33% said they were phoned within 24-hours when the hack happen.
These figures were seen as a conclusive proof that internet based crime is now more likely than being attacked and robbed on the street.