Cyber Security Survey

Research: 62% of consumers are confident that they won’t fall victim to a scam

It’s no secret that the last few years has seen a real growth in the number scams. Alongside this increase we’re also seeing more sophisticated attacks. So it’s perhaps no great surprise that just 62% of UK consumers are confident or very confident that they won’t fall victim to a scam in the next 12 months.

And while industry data shows that younger consumers are more likely to be the victims of scams, our research (carried out in September 2021), found that consumers aged 34 and under are also the most confident that they won’t fall victim to a scam (70% are confident or very confident that they won’t fall victim to a scam vs. 58% of over 55s).

Our research also found that only 37% of consumers agree or strongly agree that financial services firms are doing enough to protect them from being the victim of a scam.

Although many high street banks are running high-profile scam awareness campaigns to help educate consumers, the research suggests that consumers want to see financial firms adopt a more proactive and forceful approach to combating scams.

So what more do consumers want from financial firms?

  1. Acting faster when a scam is reported
  2. More resources to investigate the source of reported scams and more action to close down associated bank accounts, websites, and social media accounts
  3. More generous compensation for victims
  4. More education around potential scams and the things to look out for
  5. Prosecuting scammers


One respondent summed up the views of many by saying they wanted to see financial firms, “be more proactive in finding and stopping scammers.” Another suggested that “they should be funding dedicated investigation departments and providing better assistance to customers who have had a problem with scammers.”

Jason Johnson, Co-Founder of Predatech said, “Most Brits have been targeted by scammers in the last 12 months, and worryingly, these scams are becoming a lot harder to spot. Our research makes it clear that for many consumers, the buck stops with the financial firms that are ultimately facilitating the payments to scammers. How firms respond to this demand for more action over the coming years will prove critical to maintaining trust in the financial system.”

Exploring the theme of trust further, respondents were asked whether they trust the security of new financial companies as much as older companies. 68% responded that they trusted both equally, while 24% believe that older companies are more secure (8% believe that new companies are more secure).

Consumers were also asked what they look for when trying to determine if a website they are browsing is genuine. Jason Johnson added, “The vast majority of consumers actively search for a range of signals that the website in front of them really is the genuine article – from looking through reviews to checking social media pages. Encouragingly just 2% of consumers told us that they don’t attempt to validate the legitimacy of a website.”

  1. Use of HTTPS: 24%
  2. Has full contact information available: 21%
  3. Has a credible presence on social media: 15%
  4. Has good reviews: 13%
  5. Displays a security certification, e.g. Cyber Essentials: 11%
  6. Has ownership details on Companies House: 8%
  7. Has a good website design: 6%

Predatech is a cyber security consultancy that offers a range of services including CREST accredited penetration testing and Cyber Essentials/Cyber Essentials Plus assessments. What makes us different? We combine expert cyber security with great customer service and value for money. Please contact us if you’re interested in a free consultation.

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