According to GetSafeOnline, more than 2,000 fraudulent phone calls have resulted in an average loss of £10,000 per victim in the last five months, costing UK banks more than £21 million to reimburse customers this year.
These attacks are often carried out by sophisticated scammers impersonating bank employees or technical support agents asking for customer’s personal or financial information through phishing emails and “vishing” phone calls and voicemails.
UK banks have continued to see these tactics on the rise with nearly 23 percent of UK people reporting having received a suspicious phone call asking for personal or banking details, according to a UK fraud prevention organization.
A recent survey by ACI Worldwide and Aite Group revealed that one in four UK consumers (28%) have been victims of card fraud within the last five years, including debit, credit and prepaid. The percentage remains unchanged since the previous year.
The study, composed of more than 6,100 consumers in 20 countries, also showed that the U.A.E. has the highest credit card fraud rate at 44 percent, followed by China at 42 percent, and both India and the US at 41%.
In order to help reduce the financial damage of these scams, the UK government launched a new campaign this week in partnership with GetSafeOnline to inform consumers how to spot phone call and email scams.
Other key findings from the survey include:
- 63% of consumers use their card less after experiencing fraud, in some situations, than they used their card previously
- 43% of cardholders used their replacement card less as a result of a data breach or fraudulent activity in the past year
- 14% of debit and credit cardholders reported having experienced fraud multiple times in the last five years
- 18% of global consumers lack confidence that their financial institution can protect them against fraud
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