Qube Magazine: Be Secure Online – Avoid Fraud

November 1, 2016 — Be Secure Online – Avoid Fraud

According to Get Safe Online, the annual cost of fraud and cybercrime in the UK is £10.9bn – the equivalent of £210 per adult. Robert Capps, VP at NuData, comments.


According to Get Safe Online, the annual cost of fraud and cybercrime in the UK is £10.9bn – the equivalent of £210 per adult. The research shows examples of online fraud ranging from fraudulent phishing messages to extract the personal details of victims, to ransomware and the theft of data through hacking.

Commenting on this, Robert Capps, VP of business development at NuData Security said “We’re saddened, but not shocked, to see these findings. In this study, the fact that online fraud costs the UK £10.9bn a year is a sad state of affairs for consumers who can often bear the brunt of the costs (especially with regard to account takeover and new account fraud). It’s absolutely no wonder that consumers are pushing back on companies to improve security, holding them accountable for it, yet still wanting to have a good experience going through the gates.

Financial fraud offers a lucrative source of income for cybercriminals, totaling £755 million in 2015 in the UK alone. Cybercriminals have grown in their sophistication, exploiting the human interest factor by posing as banks or suppliers and then duping consumers into revealing their personal details. These scams have also proved effective in targeting commercial organisations, as senior executives are tricked into revealing sensitive information which enables access to a company network.

For the complete article, go here.