With UK Finance data published recently revealing that fraudsters stole almost £1.3 billion from UK consumers last year, here are some comments from Aditya Hindocha, VP Account Partnerships at SquareTrade Europe, on how the figures highlight the growing digital risks facing consumers – and why more support is needed once people become victims.
Aditya Hindocha, VP Account Partnerships at SquareTrade Europe
“Fraudsters stealing £1.3 billion from scam victims is a reminder that the threat landscape for consumers is constantly shifting. Our digital footprint now extends well beyond our devices – across the platforms, services and accounts we use daily. When these are compromised, it’s the content that is stored within these that are sought after, from digital identities and banking details to stored passwords, and this is often only the start of the issue for victims.
What makes APP scams particularly worrying is how much can be lost before a victim even realises, and how little advice still exists for consumers once it happens. Device warranties largely won’t cover data theft. Home insurance excludes digital losses. Banks may refund some fraudulent transactions, but there’s no guarantee. Consumers today lack support for what comes next: restoring stolen funds, recovering a compromised identity, or navigating the months of fallout that follow.
This is the reality of the digital protection gap and an issue the industry needs to address. A modern-day response to digital consumer risk has to go beyond prevention – it needs to provide people with genuine, proactive support and recovery.”
Be the first to comment