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Research finds over £2 billion stolen via credit card fraud in last year

August 30, 2018     |     Posted by:     |     Category: Blog

Research carried out by comparison website comparethemarket.com has revealed that more than £2 billion has been stolen from individuals’ debit and credit card accounts in the last year.

The research found that 4.7 million people across the UK have been victims of fraud in the last year. According to comparethemarket.com, almost five million individuals have had their debit card, credit card or bank account replaced or cancelled as a direct result of attempted fraud.

The study found that the most common form of fraud was committed through online payments, with 28% of individuals experiencing a card or account hack.

Meanwhile, the average amount stolen via cyber-fraud has increased, according to the research: £833.54 is taken with each instance of this type of fraud.

‘In the last two years, we have seen the average amount stolen from accounts soar from £475 in 2016 to £833 in 2018,’ said Shakila Hashmi, Head of Money at comparethemarket.com.

‘This is an extremely worrying trend and suggests a significant rise in aggressive bank and credit card fraud.

‘Whilst we do all have a responsibility to try and keep our banking and credit card details secure, providers have a duty of care to ensure that their customers are as protected as possible.’

Has credit card fraud added to your financial difficulties?

If you are already dealing with cash flow problems or are behind with paying your creditors, credit card fraud can make a difficult situation a lot worse.

There are many options to look into if you are struggling with the finances in your business – some businesses use an informal arrangement with their creditors, others consolidate their debt, or others use more formal methods to wind down their business like company administration or liquidation.

Whatever your situation the advisers at HJS Recovery can help you evaluate the options available and make the decisions with are right for you and your business.

Call us today on 0808 1644 222 or contact us here.

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