As public concern about identity theft and fraud continues to escalate, it has become more critical than ever for financial institutions to step up customer protection efforts — or risk taking a hit to their bottom lines.
In a global study across 17 countries that included more than 5,200 consumers, some 25 percent of respondents said they’d been victims of credit, debit, or pre-paid card fraud within the past five years. Most tellingly, more than 20 percent reported that they will stop using, or switch from, the card impacted by fraudulent activity. The study — conducted by ACI Worldwide and Aite Group — further found that after experiencing fraud, more than half of cardholders switched to using cash or an alternate form of payment instead of their credit or debit card.
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