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Cyber crime to drastically increase this Christmas

Christmas 2014 looks set to have a large increase in cyber crime with the UK shopper set to spend a record £374.3 million over the festive period with one in four pounds expected to be spent online.

It is estimated that online sales will grow by 19.55% to £17.4 billion compared to £14.5

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Cyber crime to drastically increase this Christmas

billion in 2013. “Overall Cyber Crime looks set to cost the UK £3.25 million this Christmas,” warns Alex Rolfe Managing Director of Payments CM.

Alex Rolfe added, “Cyber Crime is set to grow as the UK now becomes the 3rd largest global online shopper. The estimated crime figures for the UK economy in 2013 were £7.25 billion, the equivalent to 0.16% of the GDP and this trend is set to rise in 2015. The public must be extremely vigilant when shopping online, and always make sure it is a legitimate site they are purchasing from. They should always make sure their Wifi network is secure and strong passwords are used.”

He continued,” Even with the setting up of anti Cyber Crime agencies globally and public campaigns bringing awareness of the dangers, Cyber Crime is still on the increase. For the criminal it is a low risk crime and difficult to trace. So as more and more businesses move on line we can only see the problem increasing. 2015 will be the year mobile payments initiatives such as Apple Pay opening new doors for the fraudster, it is early days concerning security flaws, but the initial risks could evolve via third party developers. Finally we see the Cloud services and vendors as strong target areas in 2015. ”

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