The UK’s Report Fraud service has recently initiated a public awareness campaign aimed at encouraging internet users to transition to using passkeys. This initiative comes on the heels of alarming statistics that indicate a significant surge in financial losses attributed to cybercrime. Between 2025 and 2026, fraud linked to hacking incidents affecting email and social media accounts has resulted in a staggering £6.3 million (approximately $8.3 million) being stolen from victims. This amount marks a substantial rise from the previous year, which saw losses totaling merely £1.2 million (or $1.6 million).
The increase in reported incidents of account takeovers has also been notable, with a 34% rise in such complaints over the past year. However, Report Fraud has offered limited details regarding the specific methods employed by cybercriminals to exploit their victims. One of the predominant tactics involves impersonating friends and family, a strategy that proves effective in duping individuals into transferring funds.
Victims often find themselves at the mercy of fraudsters who leverage social connections. In many cases, impersonation can take various forms, but one of the most insidious techniques involves fraudsters posing as trusted individuals, claiming to be in dire financial trouble and requesting immediate assistance. Such impersonations not only exploit the victim’s trust but also disrupt the safety nets within personal networks.
Moreover, ticketing scams represent another avenue through which cybercriminals are profiting. They utilize hacked accounts to sell fake tickets for popular events, taking advantage of fans’ desperation to attend sold-out concerts. In a striking revelation from Lloyds Bank, it was stated that 70% of all concert ticket scams reported since August 2024 were linked to the band Oasis, with victims losing an average of £346 ($449) each—some even suffering losses exceeding £1,000 ($1,300).
Amanda Wolf, the Chief Superintendent and head of Report Fraud operations, underscores the personal impact of hacking incidents. According to her, “‘For most people, being hacked isn’t just a cyber issue—it’s personal. It can leave victims locked out of important accounts, worried about what information has been accessed, and concerned that criminals may use their identity to target others.’” She elaborates on the cascading effects of a single compromised account, explaining how it can potentially jeopardize not only the account holder but also their family, friends, and colleagues, as fraudsters exploit established relationships to commit further acts of fraud.
In light of these alarming trends, Report Fraud is advocating for the widespread adoption of passkeys as a protective measure for online accounts. Passkeys represent a more secure alternative to traditional passwords, being significantly harder for would-be scammers to crack. Users log in using a device PIN or biometric verification, such as a facial scan, effectively mitigating the risks associated with guessable or stolen passwords.
The technology behind passkeys is cryptographically tied to legitimate websites. Even in cases where a website suffers a breach, the hacker cannot gain access to the user’s private key, which remains securely stored on the user’s device. Jonathon Ellison, the director for national resilience at the National Cyber Security Centre (NCSC), promotes the transition to passkeys as a solution, stating, “Passkeys are simpler, faster, and more secure to use, raising our national resilience against phishing attacks whilst leaving password headaches behind.”
The urgency of this campaign is further highlighted by new research from NordVPN, which emphasizes that many consumers are still mismanaging password security. In a recent survey involving 4,896 participants across the UK, an impressive 96% correctly identified how to create a strong password. However, a mere 16% of respondents demonstrated awareness of best practices for securely storing those passwords, such as utilizing password managers.
Overall, the push for passkeys is a timely intervention in the ongoing battle against cyber fraud, advocating for enhanced security measures that could help safeguard individuals from becoming victims of an increasingly sophisticated cyber landscape. As cybercrime continues to evolve, the necessity for users to adopt more secure practices has never been more critical.