1/6 Spanish consumers victim to online fraud OT survey reveals

Addressing consumers in Spain, the survey results pointed to the growing need for enhanced security in online payment and found that 1 in 6 Spanish consumers has fallen victim to online fraud.

Furthermore, in Spain, 77% of consumers buy frequently online, more than 4 times a month, a figure that is set to grow in the coming period. The prevalence of online fraud has continued to rise and 1 in 6 Spanish consumers have now fallen victim to online fraud, of which 42% were debited more than EUR 150. Furthermore, Card-not-present (CNP) fraud accounted for over 60% of European card fraud cases.

This impacts the consumers significantly, with 81% of those affected by online fraud deciding to change their online shopping behaviour after this experience. The need for greater security has never been so high – particularly when there are more than 70 million credit and debit cards currently in circulation across Spain.

OT research demonstrates an increasing demand from Spanish consumers to have improved security when it comes to their financial transactions. More than 3 out of 4 people surveyed said they would be likely to use a technology such as MOTION CODE if their bank was to offer this product in their portfolio.

MOTION CODE is a pioneering technology which embeds an e-paper screen on the reverse of your payment card, replacing the static printed security code (CVV or CVC). The screen displays a dynamic three-digit CVV/CVC security code used for online transactions, which is refreshed automatically every hour. If the card’s information is stolen, the attempt of fraud would be useless, given that the code changes on a regular basis.