The research shows that 68% of cyber crimes happened after the victim responded to fraudulent emails, texts and phone calls, resulting in them transferring money to the fraudster.
There was a fairly even split between those who sent money in response to fraudulent communications (47%) and those who didn’t (53%).
In a comparethemarket.com survey, 22% of respondents who had credit cards had experienced fraud that resulted in their credit card being compromised.
Of those that experienced this type of fraud, 25% believed it to have happened as a result of making a payment online.
46% of respondents who experienced credit card fraud had money stolen as a result.
A significant amount was taken in many cases, and the most common amount lost (19%) was between £251-£500.
The impact of online fraud:
|
Amount lost |
% of total frauds |
% of frauds involving financial loss |
|
No financial loss |
29.4 |
– |
|
Less than £20 |
7.5 |
10.6 |
|
£20 – £49 |
12.1 |
17.2 |
|
£50 – £99 |
10.6 |
14.9 |
|
£100 – £249 |
15.3 |
21.7 |
|
£250 – £499 |
8.7 |
12.3 |
|
£500 – £999 |
6.7 |
9.5 |
|
£1,000 – £2,499 |
5 |
7.1 |
|
£2,500 – £4,999 |
2.8 |
4 |
|
£5,000 – £9,999 |
0.8 |
1.2 |
|
£10,000 – £19,999 |
0.5 |
0.7 |
|
£20,000 – £39,999 |
0.1 |
0.2 |
|
£40,000 or more |
0.6 |
0.8 |
Of all the fraud cases between April 2019 and March 2020, 70.7% resulted in a financial loss, with 29.4% experiencing no financial loss. The most common amount lost was between £100 and £249.
The full research can be viewed by clicking here.