Nearly 550,000 BUPA Patient Details Leaked
Customers are warned about phishing emails directly targeting them as a result of the information leaked
The global effect of fraud is causing consumers to lose trust in online payment transactions, research has revealed - with some cutting back on shopping and mobile banking.
Global card fraud stands at an estimated £17.07bn with merchants urgently needing to take steps in order to tackle the growing issue. In fact, more than £1.7m a day was lost to financial fraud across payment cards in the UK last year, with losses on card purchases made remotely, comprising £1m of this daily figure.
As a result, a new MyPinPad report shows that:
- 67% of UK consumers are concerned about their online shopping and banking security.
- Almost a quarter of all respondents ‘very concerned’.
- About a third (29%) of respondents have already been victims.
- 61% stated that information about data breaches and fraud has impacted their trust of online shopping and banking—and some are taking action.
- About a fifth (11%) of respondents have shopped less
- Almost 10% said they do not use mobile devices to carry out transactions,. thanks to fraud concerns.
- Only 2% of respondents believe speed is more important than security when completing an online transaction.
Smaller independent retailers are perceived to be the most vulnerable to online fraud.
When asked what online retailers could do to improve the trust consumers have in them, 40% of respondents said they would like to use cardholder PIN as a means of authenticating an online transaction. Half would like to use a combination of both PIN and biometrics.
In Warwickshire...
According to our 2017 Cyber Crime Survey, 23% of Warwickshire residents have reduced their frequency of online banking on one device, 10% reduced use across all of their devices. With regard to online buying and selling, 15% reduced frequency on one device, with 8% reducing their frequency of this activity on all devices - compared to the national figure of 11% reducing online buying and selling.
Also found in our survey, 0.8% of residents in Warwickshire have no idea how to protect themselves online, with just under 67% of people saying they are 'reasonably confident' in their online protection knowledge.
