Britain’s £361 billion online fraud exposure

The UK has £361 billion of consumer assets at risk of online fraud, according to a YouGov survey

LONDON – UK consumers have a collective £361 billion exposure to online fraud, according to new YouGov research commissioned by technology firm VeriSign. That amounts to £10,077 per internet user in online banking, shopping and gaming accounts considered inadequately secure or vulnerable.

Almost half those polled had been targeted by identity thieves or know somebody else who has been a victim of identity theft. The survey reveals 78% of respondents said they were worried about ID theft. Despite this, every week 65% of those polled share personal data with their online bank, 58% with web retailers and 31% with social networking sites.

“It's no surprise that online banks and retailers are some of the most popular targets for identity theft since so many personal details are required by users. As online transactions increase, we need to acknowledge the importance of both technology and consumer behaviour in protecting personal details and monetary assets online,” says Jon Kerr, a programming manager at VeriSign UK.