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Card fraud now hits nearly one third of consumers worldwide

Fraud

Imagine folded, chopped, and mutilated plastic up to the sky: that’s the pile being generated by cardholder fraud these days.

I’ll let ACI Worldwide and Aite Group quantify the pile just a bit:

Of all cardholders – debit, credit, and prepaid – 30% have experienced card fraud in the past five years.

That’s the #1 takeaway from their latest biennial survey of cardholders in 20 countries worldwide.

If that topline figure isn’t bad enough, 17% of debit and credit card holders say they’ve fallen victim multiple times over that period –up from 13% in the 2014 survey.

Many of the costs to individuals and institutions are pretty obvious: reimbursements of fraudulent transactions, potentially damaged credit ratings, card replacement and security costs. Unsurprisingly, card fraud also contributes to costly customer churn: worldwide, one-fifth of consumers “changed financial institutions due to dissatisfaction after experiencing fraud.”

But, as the survey’s authors note, financial...(continued)

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