You are here: Home - Credit Cards & Loans - News -

Banks urged to do more to protect customers as cyber crimes soar

0
Written by: Adam Lewis
21/07/2016
Millions of people fell victim to cyber and card fraud last year and consumers believe bank and credit card providers need to take more responsibility. Here’s how to protect yourself.

New findings by the Office for National Statistics have revealed that almost six million fraud and cyber-crimes took place in England and Wales last year.

And it’s estimated that the losses from credit, debit, charge and ATM-only cards rose by £87m last year, amounting to more than £500m in total.

Who should take responsibility?

A recent study from fraud protection company Defender Note revealed 50% of consumers believe banks should be doing more to prevent fraud, while almost one in five believe it is up to the individual to do more to protect themselves.

At the same time, one in 10 said the police should have core responsibility for tackling the rising levels of card fraud.

The study revealed that young people are being hit hardest by card fraud, with 24% of 18-34 year olds claiming to have been a victim to scams in the last year alone. This compares with 11% of people in the over-55 category.

Morgan Rothwell, director of fraud-protection company Defender Note, said: “Consumers are quite within their rights to ask their banks for more protection but individuals should also be taking care to protect themselves.

“This can be achieved through simple steps, such as regularly checking bank statements or showing caution when it comes to paying on certain websites, or taking their bank cards out in public places.”

Alex Neill, director of policy and campaigns at Which?, added: “For the first time, the shocking scale of people hit by cyber crime and fraud has been revealed.  With cyber crime becoming increasingly sophisticated, even the savviest people can be scammed so it’s vital that businesses up their game in the fight against fraud.”

Top tips to help avoid fraud

Here are five top tips to help consumers avoid fraud but see YourMoney.com’s full guide on how to stay protected:

  1. Don’t do your banking in public places and don’t do it using public Wi-Fi (establishing bogus public Wi-Fi hotspots is a way for criminals to access devices and information).
  2. Never respond to unprompted banking messages unless you are absolutely certain the request is genuine.
  3. Be aware of the domain names used and the security signs visible in a browser. Make sure you log on to a banking website at a web address you know, not via a link.
  4. Never provide any banking details to a third party you don’t know or are unsure about.
  5. Don’t overshare – sharing details such as your name, address and date of birth allows fraudsters to exploit the information and steal your identity.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week