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

Huge spike in number of cancelled debit and credit cards

Written by:
One million more people have had to cancel credit or debit cards in the last year due to online fraud.

Analysis by Comparethemarket shows the number of people deactivating cards has risen from 4.5 million to 5.5 million since the research was last carried out in September 2016.

The average amount taken by scammers has risen from £475 to £600.

Hacking issues appear to present a real problem for customer retention, with almost one in four people who had money stolen saying they were in the process of changing bank or credit card provider.

However, 91% of customers who were the victim of a hack said they were satisfied with the way the company handled the issue.

Nearly half of hacking victims (46%) were targeted via online payments, while one in ten had their card duplicated at an ATM. Identity theft accounted for 11% of reported hacks.

Many of those quizzed admitted they didn’t do enough to ensure their accounts were safe. Almost one in five said they have the same PIN for all their cards, while one in ten have the same online password for all their accounts.

Shakila Hashmi, head of money at, said: “While banks need to improve investment in cybercrime defence, there are some things that people can do to protect themselves. Beyond making sure you have different PIN numbers for different cards and changing your password regularly, the most important thing is to check your accounts on a regular basis to look out for any criminal or suspicious activity, as in many cases small but regular thefts take place which are harder to spot.”

Comparethemarket has created a password generator, to give people secure passwords that can help protect them online.

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.

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

Your rights for refunds if travel is affected by strikes

There have been a wave of strikes this year across many different industries, and more are planned over Christ...

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