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Britain lands at the top of global identity theft

Thursday 16 November 2023 10:31 CET | News

Adyen, global financial technology company, has published a survey with a global ranking of countries most at risk of identity theft. 

According to the survey, the UK takes the first position, with those consumers who have been a victim of identity theft losing an average of GBP 268.30 over the past year. This is the highest amount of money lost per person across the 26 countries surveyed. This would also mean that the country lost GBP 3.1 billion to identity theft. 

Moreover, the total amount lost to fraud per individual is much higher for those paying with digital currencies such as Bitcoin online. About 77% of consumers have been a victim of identity theft when paying with this method, losing an average of GBP 369.60. 

Adyen, global financial technology company, has published a survey with a global ranking of countries most at risk of identity theft.


Norway follows Britain, with consumers who have been a victim of identity theft losing an average of GBP 255.60, while individuals in Denmark have been defrauded an average of GBP 232.40. Furthermore, the survey also shows that nearly one-half of Indians had been a victim of identity theft (44%), however, they typically were defrauded from smaller amounts (GBP 159.50). Conversely, 42% of Americans have experienced this type of fraud, losing an average of GBP 229.80. 

Identity theft is sometimes referred to as payment fraud and defined as a fraudster stealing someone’s credit or debit card number, or checking account data, and using that payment information to make an unauthorised purchase. 

Adyen's research has found that almost half (46%) of UK consumers are finding online shopping a less attractive proposition due to the risk of fraud. Shoppers are trying to protect themselves – 29% saying they don’t permit their devices to remember payment details, while 27% are stating they are more conservative with new payment methods. 

Retail responsibility 

As part of the study, Adyen surveyed 500 senior decision-makers in UK retail and found that 33% of businesses had experienced increased volumes of payments fraud over the past year. Over one-third (35%) said that fraudulent transactions and chargebacks were a significant cost to the business and one in five (17%) said that increased fraudulent attacks were one of the biggest threats they faced. 

Most Brits, about 64%, want retailers to better communicate what they are doing to protect them from identity theft online, however, only 53% of businesses say that their fraud prevention systems are effective. 

Almost a third (32%) of business leaders said they were going to double the headcount of their fraud and risk team in 2023, while 39% are making use of AI to help prevent fraudulent transactions and 41% are using chargeback management software to help manage and reduce the costs associated with fraud. 

About Adyen 

Headquartered in the Netherlands, Adyen is a financial technology platform providing end-to-end payments capabilities, data-driven insights, and financial products in a single global solution. Adyen seeks to help businesses achieve their ambitions faster. With offices around the world, Adyen works with the likes of Facebook, Uber, H&M, eBay, and Microsoft. 

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Keywords: Account fraud, identity theft, identity fraud, digital payments, survey
Categories: Fraud & Financial Crime
Companies: Adyen
Countries: World
This article is part of category

Fraud & Financial Crime

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Adyen

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