2016 Global Consumer Card Fraud: Where Card Fraud Is Coming From
Report Summary
2016 Global Consumer Card Fraud: Where Card Fraud Is Coming From
Education about risky behaviors is sorely needed, and banks must help consumers help themselves.
Boston, July 12, 2016 – With thousands of confirmed data breaches in 2015 and billions of data records stolen since 2013, the assumption should be that almost all global consumers’ credentials and/or card information has been compromised. Meanwhile, the underground market for user information has matured so much that it is indistinguishable from a legitimate economy. Given these threats, can financial institutions and consumers prevent fraud? And if not, how can financial institutions reduce costs and protect revenue when fraud does occur?
This report, the first in a two-part series on how card fraud affects consumers, looks at consumers’ fraud experiences, perceptions of trust in financial institutions, and risky behaviors. It is based on ACI Worldwide’s March 2016 survey of 6,035 consumers in 20 different countries.
This 48-page Impact Report contains 42 figures. Clients of Aite Group’s Fraud & AML service can download this report.