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Report: Biggest cause of UK financial fraud is with credit cards

The report revealed that people lost on average £1,212 million to credit card fraud in 2022 (latest data available for credit card fraud specifically) and lost £422 million last quarter to fraudsters overall. T

When shopping, beware of fraud. — Image by © Tim Sandle.
When shopping, beware of fraud. — Image by © Tim Sandle.

Scammers stole £422 million last quarter, from 92,739 reported cases of fraud, in the UK. Over three quarters (76 percent) of the fraud was credit card fraud. Data suggests £26.1 million was lost through fraudulent ATM withdrawals.

Uswitch credit card experts have released a fraud report, detailing the average losses people in the UK have incurred due to credit card fraud, banking fraud and more in the past three years.

The report revealed that people lost on average £1,212 million to credit card fraud in 2022 (latest data available for credit card fraud specifically) and lost £422 million last quarter to fraudsters overall. These data are based on police figures and the UK finance report

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. 

UK Credit Card Fraud figures

Fraud typeTotal losses in 2022 (millions)Year on year change from 2021Total number of cases in 2022Year on year change from 2021
Payment Cards£556.36%2,732,894-3%
Remote Banking£163.1-18%47,473-46%
Cheque£7.50.1896619%
Total Unauthorised Fraud£726.90%2,781,333-5%
Authorised Fraud£485.2N/AN/AN/A
Total Fraud£1,212.1N/AN/AN/A
Payment Card Fraud as a % of Total Fraud76.5%N/AN/AN/A
Payment Card Fraud as a % of Total Fraud45.9%N/AN/AN/A

Commenting on this, Salman Haqqi, Uswitch credit cards expert states: “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.”

Haqqi adds: “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.”

Furthermore, he advises: “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.”

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Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, business, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.

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