Online fraud costing UK consumers more than originally thought

UK consumers are losing more than originally thought with online fraud losses continuing to grow over the past few years. It is estimated now that about one out of every ten people in the UK has lost money from an online fraud over the past two years according to a new survey conducted by the University of Kent.

The Centre for Cyber Security conducted a survey that included 1,500 and discovered that about 12% of those in the survey had been the victim of a computer fraud loss that was equivalent to at least £65 even though most people lost a much smaller amount. A second survey was then concluded that took a closer look on the losses that people have faced this past year and found that there were only about 8% of people affected by online crime but that the losses were sometimes startling.

1.5% reported that they thought their losses were somewhere between £100 and £1,000, but a more surprising 2% reported that they lost as much as £10,000 as the victims of online crime. This suggests that the survey reached out to an outlying group, or that Brits are being attacked by more severe digital online crimes then most people realise.

The figures that are often touted in articles and studies about online UK crime loss usually come from the Financial Fraud Action UK which has been reporting that over the last couple of years fraud loss is falling, but these surveys generally only look at banking crimes or look at online crimes against banks. The University of Kent numbers on the other hand only included a small survey base but did measure online fraud from a consumer’s point of view and included a much wider base for online criminal activities.