Over 12 million Brits fall victim to online fraud

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.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?

The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.


Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?



In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.

The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.