One in seven people ‘have lost money to fraud in past year’
23 June 2025, 00:04
Many people favour security processes on their account over ease of access, a survey for TransUnion indicates.
One in seven people say they have lost money to fraud in the past year, according to a survey.
Some 14% of people surveyed in February said they had lost money to fraud in the past 12 months, financial insights company TransUnion found.
Half (50%) said that a fraud attempt had been made against them in the past three months.
The “consumer pulse” survey also found that a significant proportion of people favour account security processes over ease of access, with over three-quarters (78%) saying they do not want access to their accounts without being explicitly authenticated first.
Nearly half (49%) of people said they do not mind being authenticated again after an initial login, for example, when making a payment or changing a password.
Chad Reimers, general manager of fraud and identity at TransUnion in the UK said: “Quick and seamless journeys have become the norm.
“However, consumers are increasingly demanding trust as part of their interactions with digital channels.
“There are increasing demands from consumers to ensure security and authentication – and this spans across sectors, from financial services, to gaming, to online dating.”
TransUnion commissioned Dynata to carry out the survey among 1,000 people aged 18 or over across the UK.
As well as reporting incidents to the police, people who are concerned that they may have fallen victim to fraud should tell their bank or payments provider as soon as they can.
“This may help the provider to claw the money back and could also help to prevent further fraud attempts on the account.
Many banks have signed up to the 159 service – a memorable number that people can call if they have received contact that they suspect to be fraudulent.
People can also check their credit reports for any activity which may indicate fraud.
