One in ten UK consumers have cancelled their credit or debit cards in 2017 due to fraudulent activity, according to research from comparison website comparethemarket.com.
In a survey of 2,000 adults, it was found that 37% of people had money stolen from their accounts, with an average of £544 taken on average. The survey estimates that more than £1 billion has been stolen as a direct result of credit or debit card fraud in the last year.
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.
Worryingly, 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. One in ten of those hacked also took a week or more to notice that they had been targeted. Blame appears to be pointed at the government, with over half (51%) of people hacked in the last year agreeing that the Whitehall is not doing enough to protect consumers from cybercrime.
“These findings are really shocking. The scale of the cybercrime problem is huge, in terms of both the number of people defrauded and the amount of money stolen,” said Shakila Hashmi, head of money at comparethemarket.com. “With the likes of Black Friday and Cyber Monday upon us, this time of year could be seen as the perfect opportunity for online criminals, unless people take definitive steps to protect their money.
“Digital banking is the new frontier for criminal activity, and whilst banks will be doing their best to prevent fraud, people should ensure that they are doing everything they can to protect themselves. This is particularly important as we know that banks and credit card providers aren’t always as quick off the mark as they should be in flagging suspicious activity.”