Almost five million people had money stolen from their bank or credit card account last year, at a cost of around £840 each, according to shocking new figures.
More than £2bn has been snatched from about one in 10 British adults, new data from Compare the Market has revealed, and online payments are the weakest link.
More than a quarter of frauds took place online last year and 27 per cent of victims don’t know or remember how they were hacked.
The level of cyber fraud in the UK has fallen over the past 12 months, but the amount of money stolen has increased.
More than half of fraud victims have had money stolen in the last year, compared with the 5.5 million people who were victims of fraud between May 2016 and May 2017.
Criminal strategies are rapidly evolving as social media and software technology do.
The figures come after 95 arrests were made across Europe earlier this summer following a joint law enforcement operation targeting online fraudsters. The suspects arrested during the operation are believed to be responsible for more than 20,000 fraudulent transactions using compromised credit cards, with an estimated value exceeding £7m.
DISCLAIMER: Comments expressed here do not reflect the opinions of FraudXpose or any employee thereof.