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45% of Consumers Are Victims of Cybercrime

A full 45% of consumers have been victims of cybercrime, but the majority of them are choosing not to report these crimes to authorities.

According to the MarkMonitor Online Fraud Barometer, the most common type of attack that consumers fall victim to are false requests to reset social media account passwords. was the most common fraud (20%), followed by emails impersonating legitimate companies attempting to solicit personal information (17%)

One in six victims report that they have lost funds due to online fraud, with 20% having lost more than $1,298.

The research highlighted that victims of cybercrime were fearful of using online services in the future. In addition, 21% of the victims experienced dissatisfaction with the brand involved.

The research also found that consumer confidence in transacting online is highest when it comes to established channels, such as mobile banking apps and online shopping websites that were rated as being 52% and 50% trustworthy, respectively. Social media channels (16%) and social media advertising (14%) scored lowest with consumers, highlighting a high level of skepticism that these channels fail to keep the personal information of consumers safe.

There are definite repercussions for companies suffering data breaches too: 65% thought recent cyberattacks decreased trust in the brand and 53% wouldn’t engage with the brand in future. A full 71% of consumers said they believed these events damaged an organization’s reputation.

The research also revealed that there is a high level of awareness among consumers (87%) of the dangers of transacting online and the tactics used by cybercriminals leading them to use a number of precautions when online.

Limiting the entry of personal details to the websites of familiar brands was the most common answer (54%), followed by checking for https or the padlock symbol in the Web address bar (50%). Despite this knowledge, the research also uncovered that there were areas, such as the Dark Web that consumers didn’t fully understand, with 37% saying they didn’t know what the Dark Web was used for.

“Cybercrime is affecting both brands and consumers, and is only set to rise as our use of the Internet increases. As a result, there needs to be a multi-layered approach to online brand protection, to ensure customer trust, reputation and bottom line are maintained,” said Mark Frost, CEO, MarkMonitor. “This research demonstrates that consumers are not only aware of the severity of cybercrime and the tactics employed, but also the effects these attacks have on the brands themselves. Yet despite these high levels of awareness, they are still falling victim to cybercrime.”

Photo © Halfpoint

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