Card fraud is comprised of unauthorized activity on three types of payment cards—debit, credit and prepaid. Cardholders experience fraud at very different rates around the globe, and each type of card has unique fraud challenges. The U.A.E. has the highest rate of fraud overall at 44 percent, followed by China at 42 percent and India and the United States at 41 percent each.
- 63 percent of global consumers (respondents) who have experienced fraud are more likely to use their cards less
- 50 percent exhibit at least one risky behavior, which puts them at higher risk of financial fraud
- 55 percent are “very concerned” about reclaiming financial identity if they fall victim to identity theft
- More than 1 in 10 have experienced fraud multiple times during the past five years.
With 1,367 confirmed data breaches in 2013 alone, the security of the financial services value chain is top-of-mind. As organized fraud rings relentlessly develop new methods of stealing funds and identities, consumers are increasingly losing confidence that there is anything that can be done to reverse this downward spiral.
- 23 percent changed financial institutions due to dissatisfaction after experiencing fraud
- Nearly 2 in 10 lack confidence that their financial institution can protect them against fraud
- 43 percent who received replacement cards as a result of data breach or fraudulent activity use their new card less than they used their original.
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