According to a study conducted by Auriemma Consulting Group, one in five (20%) fraud victims say that their fraud experience was directly linked to a data breach that became public knowledge.
Most consumers discover fraudulent transactions while reviewing their monthly statements, and erroneous retail charges are the most common type of fraud experienced, cited by 80% of those who report experience with card fraud.
Findings indicate that, despite the rising incidence of fraud on payment cards, few consumers state that the experience has affected their willingness to use their debit or credit cards, a response that can be attributed their banks responsiveness. Three-quarters of consumers who reported having experienced payment card fraud stated that they were very satisfied with their banks response, and another 20% were somewhat satisfied. Most (76%) consumers who experience card fraud were issued a brand new card with a different account number, and 65% say their account was credited for the disputed charges.
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