Home Curiosity As the cost of fraud is rising in the UK, Consumers face...

As the cost of fraud is rising in the UK, Consumers face a huge psychological impact


The UK is losing up to £375 million on average per day because of fraudsters who are out there looking at our bank details or card transactions to steal money from us through various means.

With fake websites pretending they offer cheaper rates than what your actual provider offers, many consumers can get tricked into clicking links that are actually viruses that contribute towards identity theft.

Skurio’s cost of fraud interactive slider proves that the daily cost of fraud is so devastating that consumers could have purchased over 136 million cups of coffee or even 990,349 smartwatches!

How is fraud defined?

Criminal activity is a serious issue and fraudsters are making it worse. These individuals pose as someone else in order to obtain private information from you, often with the intent of using that knowledge for personal gain themselves!

In fact, deception seems like such an ordinary thing these days but when combined with trickery -well let’s just say any technology can be hacked nowadays so keep your guard up at all times.

Scammers can easily create fake profiles on social media platforms, pretend they are someone else or impersonate other individuals to lure in potential victims- all for the purpose of obtaining funds illegally!

Is fraud harmful to mental health?

Consumers are increasingly aware that their personal information is not safe in the hands of businesses. With massive data breaches happening all over, they feel vulnerable and out-of-control when it comes to protecting themselves from being hacked or having something happen with how this sensitive data might be used against them later down the line

Identity theft is a major issue for many people. News events about the crimes can leave them feeling vulnerable and helpless, which has an effect on their wellbeing even if they are not victims themselves.

People in the age demographic of 60+ are more likely to be victims of the many types of fraud – dating, advance fee, abuse trust, and doorstep fraud – as revealed by an Action Fraud report.

People with mental health issues, impairments in intelligence or social functioning are also more susceptible to certain fraud types. The research reveals this vulnerability of those who have conditions that can make them vulnerable for various sorts of scams, but luckily there’s an easy solution: contact your local police station immediately if you suspect anything unusual on these lines!

Fraud prevention: How can risk be reduced?

To help reduce the risk of fraud occurring, it is important to shred any documents containing confidential information before disposing of them.

Cyber security is necessary when operating online and should always be used to help prevent cybercriminals from gaining access to your data.

There are a number of ways you can do this, for example by using two-factor authentication on email accounts or shopping websites that require an additional code before performing sensitive actions such as purchasing goods with PayPal.

The best way to guard against identity theft is by watching for fake emails that could be sent from criminals posing as legitimate companies and requesting personal details.

Remember, when in doubt – don’t click on the link!

An email could be fake and if you give out personal details to these criminals they will use this info for identity theft.

Technology is always advancing, and businesses need to stay on top of the latest security software in order for their data to not be compromised. With dark web monitoring or domain monitoring solutions available, companies can ensure that they are in the best position possible to prevent data breaches from occurring.



In the world of internet commerce, there are many ways for scammers to get your information and make a mess.

Fraud can cause serious emotional distress not only on those who have been directly affected or feel vulnerable due to their exposure in news events about identity theft, but also customers that could potentially become targets if they don’t know any better.