A staggering £1,768,800 could be lost in the UK as a result of phone theft, with 22% of consumers storing their card details on their phone in 2019, a new study shows.
The research shows that 14,740 – or 95% – of UK households own a mobile phone, with digital wallets accounting for 29% of online transactions over the last year. According to previous reports, around 183 phones are stolen in the UK each day.
With the contactless limit previously set at £30 and up to four contactless payments possible before a PIN is required, shoppers stood to lose £120 before they noticed their phone had been taken.
This figure could rise substantially given that banks are increasing the contactless limit up to £45 to assist retailers who are struggling due to the coronavirus outbreak. If the raised limit stays in effect over the next year, shoppers could lose £180 each – equating to £2.6 million across all stolen handsets.
Those who keep their bank details on their phone are also vulnerable to hacking, with the demographic most at risk being those aged 45-54. In fact, Generation X are 47% more likely to be targeted by thieves.