INFOGRAPHIC where fraud could occur . An additional 37 % of Brits are most concerned about fraud via social media channels .
With 54 % of Brits unfamiliar with social engineering , encompassing deceptive tactics such as phishing or smishing , the majority of the population remains vulnerable to potential fraud attempts . Social engineering , one of the most prevalent and hard to catch fraud typologies , sees fraudsters manipulating trust or fear , putting consumers at risk of divulging sensitive information or falling prey to malicious links disguised as trustworthy messages .
In terms of the likelihood of being a victim of crime , a fifth ( 21 %) of Brits believe they are most at risk of someone hacking their social media profile . In fact , social media was the primary security concern for those aged 18 – 24-years-old , with each remaining age group citing their main worry as someone accessing their bank account through identity fraud .
Hence , for accounts connected to larger sums or investments , three-quarters of Brits ( 75 %) would be willing to go through a lengthier online onboarding process , if this made it safer . Doug Pollock , Vice President Customer Success at IDnow , explained : “ Our findings show that banks in the UK do not always go far enough to make their customers feel safe and secure . They need to go further in terms of fraud prevention technology
Lovro Persen , Director Document and Fraud at IDnow
to meet their customers ’ risk appetite , especially when their money is at stake . Because , and our research confirms this , if banks get it wrong , the majority of people ( 54 %) would consider moving banks were they to become a victim of fraud .
“ We hope these findings highlight the massive impact online fraud continues to have on British people . Because fraudsters work across industries , regions and use cases , it ’ s vital we all work together – financial services , technology providers , government , law enforcement and the public – to identify and stop fraudsters before it ’ s too late .” x www . intelligentcxo . com
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