Consumers Concerned About Credit Card Fraud - Other News


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Consumers Concerned About Credit Card Fraud

Consumers Concerned About Credit Card Fraud

Consumers Concerned About Credit Card Fraud
The content is accurate at the time of publication and is subject to change.

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.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

More Than Half of Consumers Fear Credit Card Data Theft
More Than Half of Consumers Fear Credit Card Data Theft

Posted: November 10, 2014

A recent survey reveals that many people are going into the holiday season worrying about more than just what to get their mother-in-law for Christmas. Continue reading

Credit Card Data is Not So Private
Credit Card Data is Not So Private

Posted: February 24, 2015

Anonymous credit card data might not be as private as people think, according to a new study in which scientists identified 90% of people in their sample of 1.1 million credit cardholders. Continue reading

American Express Fighting Fraud With  Small Merchants
American Express Fighting Fraud With Small Merchants

Posted: March 13, 2015

Cyber security is on everyone’s mind these days, and to ramp up for the launch of the new EMV technology designed to help make using credit and debit cards safer for consumers and businesses, American Express has rolled out its Small… Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn unlimited 1.5% cash back on every purchase, every day
For Average, Fair, Limited Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!