Over half of consumers have been targeted by fraud 

New research by Lowell has found out that over half of people have been targeted by fraud, with almost two-fifths (40%) of consumer have experienced payment card fraud.

Fraudulent activity is taking place throughout the UK and the ways in which consumers are being targeted is constantly changing. Fraud committed using a debit or credit card has impacted the most people in 2022 (40%), compared to 18% in 2021. Internet bank fraud (18%) and text fraud (17%) are also amongst the most common fraud methods, with one in 10 (10%) admitting they would likely click a link in a text claiming to be from their bank.

In 2021, 15% of consumers said they would not do any checks to guarantee a call from their bank was legitimate, compared to just 5% in 2022. People are becoming more conscious of fraud threats, with almost two in five (39%) believing they have seen more articles about fraud since 2021. 43% claim their bank has been raising more awareness around fraudulent activity, encouraging people to be as vigilant as possible.

The research revealed that over half (57%) of people use official banking and financial websites to find out about potential fraudulent risks. Whereas over two-fifths prefer news outlets (42%) or finding out through their family and friends (32%).

Commenting on the findings, John Pears, UK CEO of Lowell, said “It’s concerning to see the year-on-year comparison of how many people have been affected by fraudulent activity and the variety of different techniques that people are being targeted with. It really goes to show that the sophistication with which cyber criminals operate is increasing all the time – and we all need to be vigilant when it comes to protecting ourselves and vulnerable family members online.”

“At Lowell, we want to raise awareness around potential fraudulent risks, to help people understand how they can protect themselves and avoid falling victim to fraudsters. ”

“We believe it is so important for consumers to feel empowered and in control of their finances. Here at Lowell, we are talking to customers daily and directing them to credible, trustworthy sources for support where it is needed.”

Credit and debit fraud have affected two out of five people in 2022

Where, if anywhere, have you experienced fraud before? Select all that apply.	2022	2021
Debit, credit, and other payment card fraud	40%	18%
Internet banking fraud	18%	9%
Text message fraud	17%	8%
Mobile banking fraud	8%	6%
Cash machine fraud	9%	6%