- Nearly 3 in 10 global consumers (29 percent) do not trust retailers (e.g., stores, online shopping sites, restaurants, etc.) to protect stored personal and financial data against hacking attempts and data breaches.
- 58 percent think financial institutions (large multinational institutions, community banks and credit unions) do a better job of protecting their data than do retailers, or for that matter, government agencies and law enforcement.
- Only 55 percent feel stores where they shop use security systems that adequately protect their financial data against hackers and data breaches, compared to 62 percent who believe that online shopping websites adequately protect this information.
Mobile customer engagement:
- More than 3 in 4 global consumers (77 percent) are “very interested” in being contacted about suspicious activity on their cards or accounts via a phone call, email or text message.
- Approximately 3 in 4 (73 percent) prefer that their banks not post transactions to their cards until they respond to fraud alerts.
- More than 4 in 10 global consumers (42 percent) do not recall receiving any anti-fraud information from their financial institution.
- More than 3 in 10 (32 percent) think theft by a computer hacker is the greatest fraud risk.
Prepaid card implications:
- In many countries, prepaid card usage and the rate of fraud on such cards correlates. China and India have the highest rates of prepaid card fraud at 17 percent and 18 percent, respectively, and very high consumer use rates at 93 percent and 91 percent, respectively.
- Conversely, in countries with use rates of 70 percent or less, such as Australia, Canada, New Zealand and the United States, fraud rates are 4 percent or less, indicating that the fraud rate may rise as more consumers use prepaid cards.