Rampant fraud forces 5m shoppers to cancel credit cards

Rampant fraud forces 5m shoppers to cancel credit cards

Rampant online fraud has forced close to 5m UK shoppers to cancel their bank cards last year alone according to a new study which revealed that a tenth of the adult population have replaced a credit or debit card after falling victim to cyberattacks.

Average losses per attack stand at £475, generating losses of some £2bn per year to the banks – although not every card will have been reissued as the result of a tangible loss as cards must also be replaced when an account number has been compromised.

Commissioned by Comparethemarket.com and conducted by polling company Populus the research also indicated that fraud victims react to such losses by increasing their reliance on cash and reducing their digital transactions.

Jody Baker, head of money at comparethemarket.com commented: “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.

“It is a good idea to check your bank statements regularly for any unusual activity, as criminals often make small but regular thefts which are harder to spot than larger one-off purchases.”

Official statistics show that Britons are 20 times more likely to be robbed online than physically mugged, with fewer than one in every 650 frauds perpetrated online resulting in a conviction.

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