The problem of online fraud has led to eight per cent of victims believing that they will never receive all of their money back.
The figure has doubled over the last 18 months, research by VeriSign Authentication, now part of Symantec, found that British adults are losing almost twice as much money to online fraud in comparison with six months ago.
Although the number of fraud victims remained stable, with ten per cent of the online UK population suffering at the hands of cyber criminals in the last 12 months, the average amount lost to online fraud now stands at £697 per victim, compared with an average of £352 in March 2010.
“Some companies do insurance against fraud and identity theft but you need to read the small print. But they are looking for added credit facilities and they know that the customers are willing to pay for it.
Research Online Fraud
Research Online Fraud
The research in the online fraud barometer also found that the number of people claiming only to shop from ‘safe sites' has fallen from 82 per cent to 80 per cent in the last six months.
Cyber criminal activity has evolved and as a result the monetary attraction for compromising a computer to steal banking details has also evolved with this. We're now seeing malicious emails and rogue or compromised websites become more difficult for the average consumer to identity.
Online Shopping
“Online shopping (e-commerce) has become the weak link in the chain, which may explain the increased fraud in this area. Banks absolutely have a role to play in educating customers to be alert to the risks and working with authentic merchants to provide a convenient and secure online shopping customer experience. Educating consumers of the risks and providing the appropriate tools to mitigate against compromised sites is imperative.”
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