The latest fraud report by Uswitch credit card experts has revealed that Brits lost an average of GBP £1,212 million due to credit card fraud in 2022 and a further GBP £422 million to fraudsters overall in the last quarter. This noteworthy data, deriving from police figures and the UK Finance report, offers critical insight into the financial impacts of credit card fraud, banking fraud, and cybercrime on UK citizens.

According to the report, 76% of the total fraud was credit card fraud, while fraudulent ATM withdrawals accounted for GBP £26.1 million of the losses. Additionally, the report highlighted that the rate of credit card fraud in the UK was highest in Ireland, followed by the USA.

Fraudsters stole GBP £422 million last quarter through 92,739 reported fraud cases, while GBP £1,212 million was lost to credit card fraud in 2022, marking a 5% decrease from the previous year. The increasingly sophisticated nature of cybercrime has led to considerable financial losses for Britons, sometimes reaching hundreds of thousands of pounds from a single intrusion.

Talking about the findings, Salman Haqqi, Uswitch credit cards expert, said: "Cybercrime has inflicted nearly GBP £2.5 billion in losses on Britons over the past year, highlighting the importance of safeguarding our online data and exercising heightened caution during digital transactions." He also highlighted the vulnerable age groups, stating that those aged between 30 and 39 were targeted the most by fraud and cybercrimes in Q4 of 2023, closely followed by the age group 20-29.

Salman Haqqi explained the safety measures that can be taken to prevent credit card fraud: "Using a credit card for online purchases provides an added layer of security. With purchases ranging from GBP £100 to GBP £30,000, even partial payment using a credit card entitles consumers to enhanced protection under Section 75 of the Consumer Credit Act. This provision enables reimbursement from the credit card issuer if the vendor becomes unresponsive or disputes arise."

"Maintaining up-to-date antivirus software across your devices, be they computers, phones, or tablets, serves as a proactive defence against cyber threats. Moreover, it's crucial to remember that reputable institutions like banks never solicit sensitive information such as credit card details via phone or email. In the unfortunate event of monetary loss, prompt communication with your bank is paramount," said Haqqi. 

Region-wise, Bedfordshire experienced the most significant rise in reported crimes in Q4 2023 with a 25% increase, followed by the City of London and Police Scotland with 9% and 6% increases, respectively.

The expert further addressed the preventative action, outlining five essential methods to protect oneself against online credit card fraud. These included using secure websites, maintaining privacy with credit card details, regularly monitoring financial accounts, employing two-factor authentication where possible, and exercising caution in the face of potential phishing scams.