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How many Brits fall victim to card fraud?

New research commissioned by Lowell has revealed that nearly one in five Brits has been a victim of credit or debit card fraud.

At Lowell, we’re always working to protect our customers from fraud.

Our new research is an important reminder that we can all do more to protect our financial information from fraudsters. Find out more about the ways that fraudulent activity happens, and Lowell’s top tips for preventing fraud.

The ways fraudsters target their victims

Nearly three-quarters (74%) of Brits say that they wouldn’t give out any personal details to someone claiming to be from their bank, but our survey revealed some areas where Brits could perhaps be a little more cautious.

15% of the people we surveyed wouldn’t do any checks to guarantee that a call from their bank was legitimate. If you receive a call that you weren’t expecting, you should always be cautious of fraud, even if that means hanging up and calling back on a number that you know is legitimate.

Our research also found that 15% of Brits would be likely to click through a text link if they were contacted by someone claiming to be their bank. Just like with a phone call, you should be careful – Google the number to see if any fraudulent results come up, and check that the URL matches what you can see on the official website when you search for it.

You might also assume that younger people are more likely to be tech-savvy and spot possible fraud before it happens, but that’s not always the case. The statistics show that the most common age group targeted by fraudulent activity are 16–24-year-olds, with 62% of young people saying they have experienced some form of fraud.

Common types of fraudulent activity

Fraudsters are constantly adapting and changing to new technology, and there are lots of different types of fraud. Our survey found that payment card fraud has impacted the most people, with nearly one-fifth (18%) of Brits having fallen victim to some kind of payment card fraud.

Payment card fraud is any kind of fraud relating to a credit or debit card. For example, scammers often target people with phishing emails and messages that look legitimate, and encourage you to enter your card details in a fraudulent site. Other common types of fraud that affect nearly one in ten Brits include internet banking fraud (9%) and text fraud (8%).

The cities with the most fraud

It seems that some places in the UK are more prone to fraud. Our research revealed that Cardiff is the most common place to experience fraud in the UK, with 51% of people reporting that they have had an experience with fraud, closely followed by Birmingham at 50%.

In contrast, only 15% of people from Southampton reported they had experienced fraud making it the best city in the UK to avoid fraudulent scams.

How to stop fraud

Fraudsters might pretend to be a bank, or claim that they’re calling from Lowell. We have a dedicated anti-fraud guide with plenty of tips that you should follow, but here are a few of our top tips for spotting fraud.

  • Always be cautious. If you get an unexpected call, email, or text, be careful and cautious. Fraudsters might have done research on you, so don’t assume they’re genuine because they seem to know some basic information about you.
  • Don’t transfer money. Unless you know the call or message is genuine, don’t transfer money over the phone to an unknown person. Lowell will never ask you to transfer money into an account – when you work with us, you can choose how you want to make a payment.
  • If you get an unexpected call, be on alert. If you have any doubt at all that the person on the phone isn’t calling from where they say they are, you should hang up and call back on a number that you know is safe.
  • Fraudsters may try to scare you, and put you under pressure to hurry you into making a transaction or encourage you to move money into their account. If Lowell or your bank call you, there’ll be no rush like this to make a decision.
  • If you get a text or email claiming to be from a company asking for a payment, it’s always worth giving them a call to make sure it’s legitimate. Don’t click a link or enter any of your card details without checking first.

At Lowell, we’re proud to work to protect our customers from fraud. Our new research is a timely reminder of the need to stay cautious about fraud in all its forms. For more research and information about financial wellbeing, head to the Lowell blog.

 

Published by Libby Davies on 21st June, 2021