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Consumers Concerned About Credit Card Fraud

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Consumers Concerned About Credit Card Fraud

Following a rash of data breaches and credit card fraud in 2014, consumers are worried about the safety of their payment information during this year’s holiday shopping season. A recent survey showed that 70% of U.S. consumers are concerned about payment fraud.

The FICO survey asked people in the United States, Canada, and the United Kingdom what they were most concerned about when it came to payment fraud. While 70% of Americans, 75% of Canadians, and 66% of people in the U.K. were concerned about fraud, their number one concern wasn’t so much the fear of losing money, but rather the hassle of contacting banks, cancelling cards, and the rest of the red tape that goes along with credit card or identity theft. Getting copies of credit reports and monitoring accounts also take up time after an incident of credit card fraud or a data breach.

In the United States, 68% of survey respondents said this lost time factor was their biggest concern around payment fraud. In Canada, 60% said time and hassle was their primary headache, and 51% in the U.K. said the same.

Taking security into their own hands

When asked if they were interested in ways to manage the security of their payment methods themselves, more than half of survey respondents said they would use a mobile app to help secure their payment information.

An app that could control what kinds of transactions their credit and debit cards can be used for, and a maximum allowable dollar amount for those transactions, would be of interest to over 50% of those surveyed in all three countries. The app would let users control whether a card could be used in a store, online, over the phone, or for mail orders.

Security notifications more popular among Americans

Notifications are another way for people to take payment security into their own hands. Sixty-three percent of folks surveyed in the United States said they would utilize a service that sent them emails or text messages when any type of out-of-the-ordinary activity occurred on their payment card.

In contrast, 51% of Canadians and 46% of people in the U.K. were interested in getting texts and emails to alert them to suspicious activity.

“Consumers around the world clearly have an appetite for stronger payment card security, and they are eager to work with their card issuers to protect themselves,” said Anant Nambiar, general manager for fraud and protection at FICO.

The FICO survey took place during October 2014 and represented 1,265 consumers across Canada, the United States, and the United Kingdom.

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