According to a new study by ACI Worldwide and Aite Group, 23% of users have changed financial institutions due to incidents of fraud.
In this study, more than 6,100 respondents from 20 countries of the world were interviewed. Research has shown that over the past 5 years, 1 in 4 users have been the victim of card fraudsters.
There is a different degree of card fraud activity in each country. In addition, each type of card has individual cases of fraud.
The United Arab Emirates recorded the highest fraud rate - 44%, followed by China with 42%, the USA and India - 41% each, Mexico - 33%, Australia - 31%, Great Britain - 28%, France - 26%, in Russia - 23%, in Italy - 20%, In Poland - 18%. At the same time, the smallest percentage of fraud is observed in Sweden - 10%, in the Netherlands - 13% and in Germany - 16%.
In addition, 63% of respondents who have encountered card fraud said they are more likely to use payment cards less; 55% are very concerned about recovering their financial data if they become victims of identity theft. Moreover, more than 1 in 10 users have repeatedly faced fraud over the past five years.
As fraudsters constantly improve their skills and develop new methods of stealing funds from users' payment cards, the latter are increasingly unsure that anything can be done to change this situation.
According to the study, 23% of users changed their financial institutions after cases of fraud; almost 2 out of 10 people have no confidence that their bank can protect them from fraudsters; 43% of users who received new payment cards due to fraud prevention started using their new bank cards less.
As previously reported, IBM has patented an innovative fraud prevention technology that analyzes user browsing behavior and how they interact with sites to prevent suspicious transactions.
In this study, more than 6,100 respondents from 20 countries of the world were interviewed. Research has shown that over the past 5 years, 1 in 4 users have been the victim of card fraudsters.
There is a different degree of card fraud activity in each country. In addition, each type of card has individual cases of fraud.
The United Arab Emirates recorded the highest fraud rate - 44%, followed by China with 42%, the USA and India - 41% each, Mexico - 33%, Australia - 31%, Great Britain - 28%, France - 26%, in Russia - 23%, in Italy - 20%, In Poland - 18%. At the same time, the smallest percentage of fraud is observed in Sweden - 10%, in the Netherlands - 13% and in Germany - 16%.
In addition, 63% of respondents who have encountered card fraud said they are more likely to use payment cards less; 55% are very concerned about recovering their financial data if they become victims of identity theft. Moreover, more than 1 in 10 users have repeatedly faced fraud over the past five years.
As fraudsters constantly improve their skills and develop new methods of stealing funds from users' payment cards, the latter are increasingly unsure that anything can be done to change this situation.
According to the study, 23% of users changed their financial institutions after cases of fraud; almost 2 out of 10 people have no confidence that their bank can protect them from fraudsters; 43% of users who received new payment cards due to fraud prevention started using their new bank cards less.
As previously reported, IBM has patented an innovative fraud prevention technology that analyzes user browsing behavior and how they interact with sites to prevent suspicious transactions.
