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Consumer Survey Research from Socratic and Vantiv

What consumers think about protecting themselves from fraud

Survey shares new insights on what consumers think about credit card fraud protection

Brand new intelligence from the Socratic Consumer Survey sponsored by Vantiv shares some interesting findings on what consumers think about fraud protection.

We interviewed 500 consumers, aged 18 and above, in June, and here’s what we found:

  • 68% shop online once or more per month
  • 42% have experienced debit or credit card theft or fraud
  • 60% keep their operating system, browser and anti-virus software up-to-date
  • 68% review their credit card transactions regularly online to protect themselves from credit card fraud for in-person purchases

Who’s responsible for fraudulent charges?

Consumers find themselves and credit card issuers equally responsible for fraudulent charges. 71% of consumers said credit card issuers are responsible. 72% said credit card holders are responsible.

Equip for chip, consumers think it’s most secure

One of the survey’s most interesting findings—chip-enabled credit cards were cited by consumers as the most secure payment type when it comes to fraud protection. When asked about payment types most likely to secure them from fraudulent activity, chip-enabled credit cards led with 49%. Digital payment methods garnered 33%, traditional credit cards 11% and mobile 7%.

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