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Survey reveals cyber-attacks are causing victims to wise up to online banking fraud

According to a Populus study commissioned by price comparison website comparethemarket.com, one in ten people have been the victim of a cyber-attack on their credit or debit card in the last year. Furthermore, in the majority of cases (62%), money was successfully removed from the account, with an average of £475 stolen. Across the UK this equates to more than £2.1bn being stolen in total in the last 12 months, and a staggering 4.5 million credit and debit cards being cancelled.

The survey reveals that of those unlucky enough to have been defrauded in the last year, nearly a third (31%) said the hack occurred when making an online payment, while one in ten (10%) had their card duplicated at an ATM machine. A small proportion (8%) had even been hacked when making a contactless payment.

Despite the risk of falling victim to cyber-attacks, the results show that some are still not taking small steps that could help to protect their money online. For example, a quarter (25%) admitted to using the same PIN number and password for all of their cards and online accounts. According to the research, 53% do this for ease of use, while 42% do not want to have to remember more than one number.

However, ‘getting hacked’ acts as a wakeup call for many:

    • 41% of people that were hacked in the last year said they were considering changing or had changed their bank or credit card provider

    • 49% said they now check their bank accounts more regularly

    • 33% never give bank details over the phone

    • 29% admit to paying for more items with cash and making online transactions less frequently

Luckily, customer service and fraud departments appear to be acting decisively in response to cybercrime. The vast majority of respondents (89%) said they we satisfied with the way their bank or credit card company had handled the crime, with 68% stating they were very satisfied. The majority (71%) said their bank or credit card provider had been the one to alert them to the security breach, while a third (33%) said they were contacted within 24 hours of the hack occurring.

Jody Baker, head of money at comparethemarket.com, said:

 “We’re constantly being warned of the dangers of cyber-attacks but it is still a shock if it happens to you. Most of the transactions we make now are digital and our research suggests that over a quarter of people carry as little as £10 in cash. 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 regularly check your bank statements for any unusual activity as criminals often make small but regular thefts which are harder to spot than larger one-off purchases.”

Visit http://www.comparethemarket.com/media-centre to find out more.

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