The UK lost almost £11 billion to cyber criminals in the past year, equating to approximately £210 per person over the age of 16 living in the UK.
And the actual figure could be much higher as this is only based on incidents registered with the national reporting centre Action Fraud.
The research carried out by Get Safe Online found that more than a third of those who said they had been victims of online crime said they had not reported the incident.
Scammers have become more sophisticated in their bid to part us from our cash. Use our guides to help you spot a scam or get money back.
The Get Safe Online survey found that many of those who said they had been a victim of cyber-crime believed that the matter was too trivial to report or that they felt there was nothing that could be done.
More than half had received fraudulent emails or messages which attempted to direct them to websites where their personal information could have been stolen and 28% said they had been contacted by someone who was trying to trick them into giving away personal information.
A tenth had had their email or social media accounts hacked.
Which? is using its legal powers to make a super-complaint to one of the financial regulators – the Payment Systems Regulator (PSR). We think banks need to do more to protect customers who are tricked into transferring money to a fraudster.
Which? Managing Director of Home and Legal Services Alex Neill said: ‘With these figures revealing some of the cost of cyber-crime to consumers, and scams becoming increasingly sophisticated, it’s time for businesses and banks to shoulder more of the responsibility and introduce extra protections to safeguard their customers who are scammed online.
‘That’s why we’ve used our super-complaint powers to call on the financial regulator to investigate how banks can be made more liable when people are tricked into transferring money to a fraudster.’
Earlier this year Which? launched our ‘Safeguard us from Scams’ campaign, calling on the government to investigate how seriously companies take their responsibility to protect customers from scams.