New research shows credit card scams hit 1 in 10 Brits, at a cost of £2.1billion a year
The revealing statistics demonstrate the changing face of fraud - which now takes place online more than anywhere else
MORE than four million people cancelled credit or debit cards due to fraud in the last year, a study reveals.
The revelation comes as a survey reveals 1 in 10 adults in the UK fell victim to scams that meant they had to replace their cards.
Money was successfully removed from accounts in 62% of cases, with an average of £475 stolen.
This equates to 4.5 million credit or debit cards being cancelled in the past 12 months.
According to comparethemarket.com, who carried out the survey, this means more than £2.1 billion was stolen in total.
Some 31% were defrauded while making online payments, while 10% saw their card duplicated at an ATM and 8% said they had been hacked while making a contactless payment.
Jody Baker, head of money at comparethemarket.com, said: "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."