Retail Technology Review: Annual cost of fraud and cybercrime tops £10.9bn in the UK

October 18, 2016 — Annual cost of fraud and cybercrime tops £10.9bn in the UK

Robert Capps, VP of Business Development at NuData, comments on the news that the annual cost of fraud and cybercrime in the UK is £10.9bn.


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.

For the complete article, go here.