Despite the adoption of fraud prevention solutions by financial institutions and merchants, along with EMV being implemented in most countries including the U.S., card fraud rates are on the rise. Nearly one in three consumers has been victimized, according to a recent surveys report by ACI Worldwide (NASDAQ: ACIW) and Aite Group.
With 2,260 confirmed data breaches in 2015 alone, security remains top-of-mind within the financial services industry and among consumers.
“This study confirms that card fraud remains an issue of deep concern for consumers around the globe,” said Andreas Suma, vice president and global lead, fraud and data for ACI Worldwide. “It’s no surprise that there is a direct correlation between fraud and lower consumer trust and card loyalty, including a primary contributor toward back of wallet behavior. And as this data illustrates, it’s more critical than ever for financial institutions to implement and actively maintain effective fraud prevention solutions that address fraud, security, and customer experience needs.”
The study suggested risky behaviors, such as leaving a smartphone unlocked when not in use, have a direct correlation to fraud and the overall risk for fraud is rising due to the global increase in smartphone and tablet usage. For more, read the story by CUTimes.
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