Cyber crime up 6%: Watch out for emails, texts, phone calls

The research shows that 68% of cyber crimes happened after the victim responded to fraudulent emails, texts and phone calls, resulting in them transferring money to the fraudster.

There was a fairly even split between those who sent money in response to fraudulent communications (47%) and those who didn’t (53%).

In a comparethemarket.com survey, 22% of respondents who had credit cards had experienced fraud that resulted in their credit card being compromised.

Of those that experienced this type of fraud, 25% believed it to have happened as a result of making a payment online.

46% of respondents who experienced credit card fraud had money stolen as a result.

A significant amount was taken in many cases, and the most common amount lost (19%) was between £251-£500.

The impact of online fraud:

Amount lost

% of total frauds

% of frauds involving financial loss

No financial loss

29.4

Less than £20

7.5

10.6

£20 – £49

12.1

17.2

£50 – £99

10.6

14.9

£100 – £249

15.3

21.7

£250 – £499

8.7

12.3

£500 – £999

6.7

9.5

£1,000 – £2,499

5

7.1

£2,500 – £4,999

2.8

4

£5,000 – £9,999

0.8

1.2

£10,000 – £19,999

0.5

0.7

£20,000 – £39,999

0.1

0.2

£40,000 or more

0.6

0.8

Of all the fraud cases between April 2019 and March 2020, 70.7% resulted in a financial loss, with 29.4% experiencing no financial loss. The most common amount lost was between £100 and £249.

The full research can be viewed by clicking here.