One in ten consumers have fallen victim to cyber fraud in the last year, according to a report from

The survey found that 4.5 million people had to cancel their credit and debit cards in the last 12 months due to online fraud, and money was stolen in 62 per cent of cases.

The average amount stolen from online accounts was £475, meaning the total stolen adds up to more than £2.1 billion over the last year.

31 per cent of victims said they were hacked while making an online payment, 10 per cent had their cards duplicated at an ATM and eight per cent were hit by contactless payment fraud.

However, consumers are putting themselves at risk with poor security practices.

A quarter admitted using the same PINs and passwords for all their cards and accounts. 53 per cent said this was for convenience, while 42 per cent did not want to remember more.

Many did not take action until they were hacked. Of those who had fallen victim, 41 per cent said they were considering changing or had changed their bank or card provider.

49 per cent said they would check their bank accounts more regularly, while a third would no longer give details over the phone and 29 per cent are paying with cash more often.

On the whole, affected consumers were pleased with their banks’ handling of cyber fraud. 89 per cent said they were satisfied with the way they handled the attack, with 68 per cent said they were very satisfied. In 71 per cent of cases it was the bank that alerted customers to the breach, with a third contacted within 24 hours of the hack.

“We’re constantly being warned of the dangers of cyber attacks, but it is still a shock if it happens to you,” said Jody Baker, head of money at

“Most of the transactions we make now are digital and our research suggests that over a quarter of people carry as little as £10 in cash. With so many of us shopping and banking on the internet, combined with a rise in contactless payments, it is more important than ever to be vigilant when managing your money.

“It is a good idea to regularly check your bank statements for any unusual activity as criminals often make small but regular thefts which are harder to spot than larger one-off purchases.”

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