One in four Brits have fallen victim to online fraud when shopping online, with 8% of victims being duped more than once, according to the statistics from the inaugural Shieldpay Fraud Tracker.
Furthermore, the tracker revealed that the cost of scams is significant, with victims losing an average of £608, while 14% of them were defrauded by more than £1,000. When the tracker analysed the difference between men and women, it found the cost of fraud to be higher for men, who incurred a loss of £139 more.
In the current financial climate, banks are facing increased scrutiny about how they protect customers from scams, but Shieldpay’s Fraud Tracker suggested that they may not be doing enough to protect victims. Two in five victims received the full amount lost back from their bank of payment provider. Despite this, the average amount reimbursed was just £55, leaving the typical person out of pocket by £553.
However, one in eight victims received nothing back at all.
Shieldpay found that online fraud has not deterred victims from online shopping, although almost half of them have since changed their online shopping behaviour, with 31% of them now only purchasing low value items online and 10% only shopping online if it is the only option.
Commenting on the findings, Shieldpay founder and CEO Peter Janes said: “Banks, businesses and consumers all have a role to play in taking every possible precaution against fraudulent activity online. With scams rampant, however, this is easier said than done.
“More responsibility needs to be taken by banks and businesses in protecting customers online, adoption of technology is one solution that can help to eliminate the risk. Consumers can also ensure they do not become a victim by engaging in safe practices when shopping online.”
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