More than £1 billion stolen from bank accounts via credit card fraud, research finds

Research carried out by price comparison site comparethemarket.com has revealed that more than £1 billion has been stolen from bank accounts through credit and debit card fraud in the past year.

29 Nov 2017

Research carried out by price comparison site comparethemarket.com has revealed that more than £1 billion has been stolen from bank accounts through credit and debit card fraud in the past year.

The research found that one in ten individuals have cancelled their credit card or debit card as a result of attempted fraud, and that five million consumers have been victims of cybercrime in the past year.

It found that the average amount stolen from individuals was £544, and that more than a third of consumers who have had money stolen in the past year have been victims of credit card or debit card fraud before.

card or debit card fraud before. Additionally, over half of consumers surveyed believe that the government isn’t doing enough to tackle cybercrime, comparethemarket.com revealed.

Commenting on the issue, Shakila Hashmi, Head of Money at comparethemarket.com, stated: ‘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.’

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