Scam watch: card fraud soars to more than £2bn

9 August 2018

More than £2 billion has been stolen from UK credit and debit cards in the past 12 months, an increase of 38% on the previous period.

The research, based on a poll conducted on behalf of comparison website Compare the Market, also found that close to one in 10 (9%) adults has been the victim of credit or debit card fraud, an estimated 4.7 million people across the UK. The average amount stolen was £833.54.

Money was typically stolen through online payments, with 28% having either a card or account hacked. More than a quarter (27%), worryingly, had no idea how or when it happened.

Being a victim of fraud, however, doesn’t seem to be a prompt to change providers, with nearly one in eight (79%) people staying put after being the victim of a cyber-attack. Close to half (44%) had to tell their bank about the fraud, despite most people expecting their provider to alert them of suspicious activity.

‘Significant rise in aggressive bank and credit card fraud’

Commenting on the research, Shakila Hashmi, head of money at Compare the Market says: “In the past two years, we have seen the average amount stolen from accounts soar from £475 in 2016 to £833 in 2018. This is an extremely worrying trend and suggests a significant rise in aggressive bank and credit card fraud.”

She adds: “It is also worrying that so few people decide to take action by moving provider after an attack takes place. While we do all have a responsibility to try to keep our banking and card details secure, providers have a duty of care to ensure that their customers are as protected as possible. It is also vital that they jump on suspicious activity, something that our research suggests does not happen enough.”

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