Every tenth person loses money to online scams

Almost half of online consumers have been targeted by hackers and scammers, looking to trick them into revealing sensitive and financial data, researchers from Kaspersky Lab said.

Security researchers also said that 11 per cent actually lost money to these scams.

Scammers usually pretend to be a bank (22 per cent), or a retail store (15 per cent). In 11 per cent of cases, people reported simply 'suspicious sites' asking for financial data.

Looking at how much money people actually lose to these scams, Kaspersky says an estimated median loss is £195.

Every fifth victim (22 per cent) has lost £690, while only half (54 per cent) managed to recover all funds that were stolen. In almost a quarter of cases (23 per cent), victims were unable to recover any funds at all.

“The variety of online financial threats against consumers is growing. Along with the more traditional-style scams, we are starting to see cybercriminals exploit and look for new ways to defraud consumers, making it even more important for Internet users to be on their guard when conducting online financial transactions or clicking on suspicious links pertaining to be from their bank,” said Ross Hogan, Global Head of Fraud Prevention Division at Kaspersky Lab.

"At Kaspersky Lab, we are urging Internet users to use security software to protect themselves from these threats and secure themselves from the dangers of financial loss.”

“Whilst monetary loss as a result of a financial organisation data breach or cryptocurrency scam is still relatively low, it is a lucrative way for online fraudsters to target and steal money from Internet users. We are working with banks and financial institutions to ensure they have sufficient protection in place to, not only prevent such losses from occurring, but to maintain their reputation and customer trust. With new threats evolving every day, consumers expect their providers to keep up and ensure the safety of their money and financial transactions,” he added.

Image Credit: Gustavo Frazao / Shutterstock