New research shows the cost of financial fraud to consumers

Financial fraud a major problem for firms

Cara McGoogan
© Telegraph Media Group Limited

Online financial services and lending companies are increasingly being targeted by fraudsters and costing consumers millions of pounds around the world last year alone, according to research.

Cyber attacks against online lending companies and alternative payment systems increased 122pc last year, according to ThreatMetrix, a security company that monitors more than £20bn(€23.5bn) online transactions a year.