Stealing payment card fraud's thunder
Payment card fraud is no joke. In 2015, 22% of adults in the United States reported that they or someone in their household had their credit card information stolen. And with card theft comes the hassle of unraveling unauthorized charges, issuing new cards, and updating account information with merchants.
However, with fraud also comes innovation. In addition to widespread chip card (EMV) issuance and sophisticated behind-the-scenes fraud prevention tools, there are also card controls that consumers can use to identify and avoid fraud. In this edition of ShopTalk, Vantiv teamed up with Socratic Technologies to ask 500 consumers how they’re dealing with fraud when it happens and preventing it before it occurs. Here are the results.
Almost half of respondents have personally experienced card fraud
43% report personal experiences with card fraud and 32% know someone who has experienced card fraud in the past six months
Chip cards provide added peace of mind
77% prefer to use a chip card because of the added security
Getting new cards takes a few days
The average time to replace a compromised card is approximately 5 days and 69% of respondents are satisfied with this timing
Setting up alerts for purchases over a certain amount is a popular card security feature
Setting up alerts for purchases above a certain price limit has the most awareness (48%) and usage (32%) among cardholders
Cardholders think that financial institutions are keeping their cards safe
53% of respondents say their financial institutions are doing a great job and 41% say they’re doing a satisfactory job
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