Over £1 billion was stolen from victims who were tricked into authorised push payment (APP) fraud, reveals survey

Over £1 billion was stolen from victims who were tricked into authorised push payment (APP) fraud: A survey into the level of trust customers have when shopping online has uncovered that around £1.3 billion was taken from victims of authorised push payment fraud in 2021; up 27% from the year before.

 

The study by Menlo Security polled the British public about their online activity and their biggest fears whilst browsing the web. In addition, the report uses figures from UK Finance in an attempt to further explain the findings.

 

When asked what their biggest fear is regarding online hacks, 55% of respondents said they are more worried about their money being stolen; with just under a quarter saying they are more worried about their identity being taken.

 

The cost of living crisis has increased concerns about being financially scammed online, with 44% of those surveyed reporting that they are worried about online shopping fraud the most; ahead of phishing emails (27%), social media scams (17%), and catfishing while online dating (13%).

 

In an attempt to counter online scams, many people will ask for advice from people they know, found the research, with just over half the  respondents polled  saying they trust their family and friends the most. In addition, 21% said they trust their work colleagues with online payments and a further 15% saying they trust news sources.

 

It is now well understood that scammers may pose as well-known companies to gain the trust of their victims. The study found that four in 10 respondents said they had been scammed from someone posing as a postal or delivery company, with a further 37% saying they had received bogus messages from alleged public sector services; such as the NHS, HMRC or the Government.

 

Tom Mcvey, Solution Architecht for Menlo Security, said: “Prevention tactics are an important way of stopping attacks in their tracks before they have an opportunity to reach you. Password security and virus protection can help, but they don’t stop you from being a target. A far more effective method is through isolation technology, which essentially wraps a secure bubble around you whilst using any web browser.”

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