£422m lost to fraud in the last quarter

Uswitch has reported that consumers lost £422 million from 92,739 reported cases of fraud in the last quarter.

In Quarter 4 (Q4) of 2023, consumers between the ages of 30-39  were the most likely to be the subject of fraud and cybercrime, with those aged 20-29 following closely behind. Over three quarters (76%) of fraud was credit card fraud.

Online shopping and auction fraud were the most prevalent crimes experienced by those under the age of 70 years. Computer software service fraud, advance fee fraud, check/card fraud, and door-to-door sales fraud were more common crimes among those over seventy.

Computer software service fraud involves criminals posing as legitimate software companies, such as Microsoft, calling you to tell you there’s a problem with your computer in order to gain access to your private information or hold you to ransom and commit fraud. Advance fee fraud is when fraudsters target victims to make advance or upfront payments for goods, services and/or financial gains that do not materialise.

The data also suggests £26.1 million was lost through fraudulent ATM withdrawals.

Cybercrime has dominated the headlines over the past two years as fraudsters are becoming more sophisticated in their attacks. In some cases, successful criminals are stealing hundreds of thousands of pounds in just a single intrusion.

The report also looked into police force figures to understand which parts of the UK have experienced a significant change in fraud figures.

In the last quarter of 2023, Bedfordshire saw the biggest rise in the number of reported crimes for a mainland UK police force – figures rose by almost 25% – with the total value of losses reaching nearing £4 million. City of London and Police Scotland were the only other forces that saw increases in Q4 (9% and 6% respectively) with all other forces seeing a decrease from Q3 to Q4.

Salman Haqqi, Uswitch credit cards expert said “Cybercrime has inflicted nearly £2.5 billion in losses on Britons over the past year, highlighting the importance of safeguarding our online data and exercising heightened caution during digital transactions.

“Using a credit card for online purchases provides an added layer of security. With purchases ranging from £100 to £30,000, even partial payment using a credit card entitles consumers to enhanced protection under Section 75 of the Consumer Credit Act. This provision enables reimbursement from the credit card issuer if the vendor becomes unresponsive or disputes arise.

“Maintaining up-to-date antivirus software across your devices — be it computers, phones, or tablets — serves as a proactive defence against cyber threats. Moreover, it’s crucial to remember that reputable institutions like banks never solicit sensitive information such as credit card details via phone or email.

“In the unfortunate event of monetary loss, prompt communication with your bank is paramount.”

The most common cases of credit card crime in the UK in 2023/24