Cyber Attacks Against Financial Services Cost Consumers £ 8bn in 2016 , Research Reveals
Cyber Attacks Against Financial Services Cost Consumers £ 8bn in 2016 , Research Reveals
Online financial services and lending companies are increasingly being targeted by fraudsters and costing consumers millions of pounds around the world last year alone , according to research .
Cyber attacks against online lending companies and alternative payment systems increased 122pc last year , according to Threat Metrix , a security company that monitors more than 20bn online transactions a year .
The fraud is estimated to have cost consumers as much as £ 8bn in 2016 , the company said .
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The spike in fraud comes as online financial services are growing in popularity . A combination of greater trust and ease of use means customers are increasingly opting to use digital businesses . In the UK , financial services transactions online grew by 10pc last year .
But this uptick has made the industry a prime target for cyber attacks , ThreatMetrix said after detecting 80m attacks on the financial sector using fake or stolen credentials in 2016 .