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7/14/2016
09:55 AM
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1 In 3 Consumers Worldwide Hit By Payment Card Fraud

Card scam cases on the rise globally reportedly due to an increase in smartphone and tablet usage, study finds.

A recent study of around 6,000 consumers across 20 countries has revealed that payment card fraud is on the rise worldwide -- with 2,260 data breaches reported in 2015 alone. The 2016 Global Consumer Fraud Report by ACI Worldwide and Aite Group says 30% of global consumers have been victims of card fraud in the past five years.

A similar research in 2014 put UAE, China, India, and the US on top of the list for card fraud, but this year, Mexico tops the list at 56%, followed by Brazil (49%,) and the US (47%). A global increase in smartphone and tablet usage is cited as the reason behind this rise. The US continues to be in the top three because of slow adoption of EMV chip cards, while Europe’s early implementation of such measures better secures them.

Consumer habit of keeping a PIN with the card rose from 50% in 2014 to 54% in 2016, while incidents of debit and credit card fraud in the last five years rose from 13% in 2014 to 17% in 2016.

Trust in financial institutions has improved, with lack of consumer confidence falling from 20% in 2014 to 14% in 2016.

Read details of study here

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