£6 million transactions estimated to be vulnerable to fraud on Cyber Monday

Around 7,000 people expected to be victims of credit card fraud on Cyber Monday, with about £6 million of transactions estimated to be vulnerable to fraud

 comparethemarket.com launches Cyber Security Challenge so consumers can learn to protect themselves against common scammers’ tricks

 Around 7,000 people across the UK are expected to be victims of credit card fraud this Cyber Monday, with about £6 million of transactions estimated to be vulnerable to fraud, according to comparethemarket.com.

comparethemarket.com’s estimates are based on data from its Credit Card Fraud Index and assumptions around the uplift of online transactions on Cyber Monday compared to an average trading day.

Its latest research found that 11 million UK adults had to replace or cancel their credit card as a result of attempted fraud over the last year. Over a fifth of people (21%) said the fraud had occurred when making a payment online, meaning that on average around 6,330 shoppers are defrauded per day after making online purchases.

Based on conservative assumptions around the spike in online transactions Cyber Monday, the number Cyber Monday online shoppers that comparethemarket.com estimates could be victims of credit card fraud is around 7,000 people. With victims losing an average of £846 each according to comparethemarket.com’s research, this suggests that the value of credit card fraud on Cyber Monday will be around £6 million nationwide.

This Cyber Monday, comparethemarket.com is urging borrowers to stay savvy online and has launched a Cyber Security Challenge, so consumers can protect themselves against common scammers’ tricks, including phishing emails, fraudulent websites and scams. Readers can complete the Challenge here.

John Crossley, Head of Money at comparethemarket.com said:   

“Cyber fraud is a significant issue for consumers and retailers – especially at this time of the year. On Cyber Monday customers should be extra vigilant, especially as our research suggests falling victim to a scam can cost you dearly. It’s important not to make yourself vulnerable to hackers. Ensuring you have separate passwords and pins for different accounts or cards and are familiar will some of the tricks fraudsters use will help keep your money secure.”