Forget the ‘Tinder Swindler’, the Israeli scammer matching women on a dating app to later convince them to request credit cards under their names for him to use. In real life, you don’t have to go on an online date to end up being scammed or featured on a Netflix’s true crime documentary.
The UK has over 60 million smartphone users – and millions of those possibly fell victim to identity fraud in the last 12 months, according to research by digital identity and fraud solution specialist company GBG.
The research, conducted by Censuswide on behalf of GBG, surveyed both consumers aged 18+, that own a smartphone, and business leaders across Europe – UK, France, Germany and Spain between 17-26 January 2022. The report revealed that fraud is a major concern across Europe – with young adults aged 18-to-24 being hardest hit with almost a fifth (18%) becoming victims of identity fraud compared to 9% of 45-to-54-year-olds, and just 3% of consumers aged 55 and over.
The recently released research also uncovered high levels of anxiety, with a large majority of the British digital users surveyed worrying that becoming a victim of fraud is inevitable. 93% of respondents felt concerned that they will fall victim to fraud in the future.
160 decision makers in insurance, financial services, e-commerce/retail, fintech, gaming/gambling and the pension sector across UK, France, Germany and Spain were also surveyed between 17-26 January 2022. Almost half (42%) of European businesses surveyed said they had experienced known or suspected attempted fraudulent activity in the past 12 months, with 33% saying it had increased compared to last year. Those experiencing a known or suspected fraud attempt said the average transactional value of a breach was £16,000. While a quarter (25%) claimed each fraud breach cost their business between £10,000 and £35,000.
“By accurately identifying and authenticating an individual, businesses can stop fraudsters in their tracks and consumers are actively looking to businesses to protect them. There is a real opportunity for businesses to step up – to not just see fraud as just a threat but as an opportunity to build trust, better protect their customers and business, and grow their customer base.” – says Gus Tomlinson, Chief Product Officer, EMEA at GBG, a company headquartered in the UK and working with customers in over 70 countries
The report reveals that around two thirds (66%) of European consumers signed up to at least one new online account in the past 12 months, with 67% doing the same in the UK. Among those British consumers personally impacted by identity fraud, 44% had their bank account accessed and money taken and 19% of victims had a new utility account opened in their name. People targeted by online identity fraud also had their mobile phone number stolen and cloned (5%) and over a quarter of the cases (28%) involved victims’ names being used to gain access to a credit card.
Spread the word
No matter how careful you are, you can end up being a victim of online fraud. If you think you have been exposed to a scam, don’t keep it to yourself. According to OFCOM, government-approved regulatory and competition authority for the broadcasting and telecommunications in the United Kingdom, by telling those around you about your experience, you will help to make more people aware of scams that are out there, and this could help others to avoid falling victim. Spreading awareness among your friends and family – or even by sharing on social media using screenshots, for example, without displaying sensitive information such as PIN numbers – means more people will be able to keep an eye out for the scammers’ latest tactics.
How to report it
If you think you have been the victim of a scam, report it to Action Fraud as soon as possible. You can do this by calling 0300 123 2040 or visiting the Action Fraud website at www.actionfraud.police.uk
Action Fraud is the reporting centre for fraud and cybercrime in England, Wales and Northern Ireland. Reports of fraud and any other financial crime in Scotland should be made to Police Scotland via 101.
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