Security Enterprise Services

Credit Card Fraud Impacts Consumer Confidence Worldwide

IN 2013, there were 1,367 confirmed data breaches impacting consumers’ financial information.

August 1, 2014

In 2013, there were 1,367 confirmed data breaches impacting consumers’ financial information. Fraud concerns are overwhelming consumers across the world, and influencing a loss of confidence in both retailers and financial institutions’ ability to safeguard their data.

According to an ACI Worldwide Impact Report – Global Consumers: Losing Confidence in the Battle Against Fraud– 27 percent of cardholders (debit, credit and prepaid) had experienced card fraud in the past five years. After experiencing fraud, however, 63 percent of consumers use their card less, at least in some situations, than they had previously. In 2014, 14 percent of debit and credit card holders cite having experienced multiple
cases of fraud during the past five years.

Of cardholders who received replacement cards as a result of a data breach or fraudulent activity, 43 percent used the new card less than the original.

Consumers who are dissatisfied with how they are treated by their financial institution following fraud sometimes change providers, resulting in a global attrition rate of 23 percent. Eighteen percent of global consumers lack confidence that their financial institution can protect them from fraud.

The study, conducted by Aite Group in 20 countries, found that cardholders experience fraud at very different rates around the globe. The United Arab Emirates (UAE) has the highest rate of fraud overall at 44 percent, followed by China at 42 percent, and India and the United States at 41 percent each. 

Did you enjoy this article? Click here to subscribe to Security Magazine. 

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

ASIS 2013 Product Preview

ASIS International 59th Annual Seminar and Exhibits, September 24-27 in Chicago, Illinois, will include an exhibit hall packed with innovative security solutions. Here are some of the products that will be shown at ASIS this year.

Podcasts

Virtualization and Data Center Security: What You Need to Know for 2014

Data centers are increasingly becoming the center of the enterprise, and data center and cyber security is following the same path for security departments. According to Justin Flynn, a consultant at the Burwood Group, the virtualization of data centers allows enterprises to scale more easily and faster, with a smaller footprint.

However, hosting enterprise data in the cloud can make intrusion detection more difficult – how can enterprise security leaders team up with other departments to keep aware of cyber risks and traffic, and physical and data compliance during the virtual transition? How can CISOs and CSOs discuss cyber threats with the C-Suite to get the resources they need? And how can the proper infrastructure test and verify possible malicious attacks? 

More Podcasts

Security Magazine

September 2014

2014 September

In the September issue of Security Magazine, find out who this year's most influential people are in the security industry are. Also, take a peek at the technology products that ASIS 2014 will be showcasing at the upcoming event. Read about the lessons learned from security at the World Cup, find out why tactical medical training is a must for your enterprise and how Atlanta increased security by sharing surveillance.
Table Of Contents Subscribe

Adopting New Technology

How long do you wait before adopting a new technology?
View Results Poll Archive

THE SECURITY STORE

comptiahighriseproductphoto
CompTIA Security+ Certification Study Guide
CompTIA's Security+ certification is a globally-recognized, vendor neutral exam that has helped over 60,000 IT professionals reach further and higher in their careers. The current Security+ exam (SY0-201) focuses more on being able to deal with security issues rather than just identifying them.
More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

Vertical Sector Focus: Critical Infrastructures

criticalhomepagethumbFrom terrorism to vandalism, it’s preparedness, response, training and partnerships. Learn about some of the critical security issues facing this sector.

Visit the Critical Infrastructure page to read more.  

STAY CONNECTED

Facebook 40px 2-12-13 Twitter logo 40px 2-12-13  YouTube  LinkedIn logo 40px 2-12-13Google+