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Credit Cards & Loans

Huge spike in number of cancelled debit and credit cards

Joanna Faith
Written By:
Joanna Faith

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 comparethemarket.com, 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.