Online fraud costs £10.9 billion a year

18th October 2016

Annual fraud and cybercrime losses in the UK have grown to the equivalent of £210 per adult, according to research.

A total of £10.9 billion was lost to the UK economy in the 12 months to April, prevention group Get Safe Online said.

Fraudulent emails and messages directing people to websites that gather victims’ personal information are the most common con-trick, it said.

It urged people to use many different strong passwords and to ensure security updates are loaded.

“Online safety needs to be part of our everyday routines,” said Tony Neate, chief executive of Get Safe Online.

Victims have found themselves suffering financial loss after hacks into email and social media. Others find themselves on the end of ransomware – when criminals block access to a device until the victims responds to a demand for money.