A quarter of people have been hit by card fraud during the past five years, prompting many to ditch their provider, says an ACI Worldwide-commissioned survey covering 17 countries around the world.
Many companies miss an important point: the winner has to outrun other contenders,
not the bear. Fraud goes after the weakest link.
300 people in 17 countries does not a global fraud survey make. I will defer to the experts in card fraud - the card networks, who see every disputed, charged back item processed, which contains a distinct and quantifiable reason code.
It is interesting to see the "educating and enlisting customers in the Fraud fight" comment as the key solution.Of course it is. The bigger challenge is how you do that?
I have just been reading a soon to be published Security report from Mapa Research which looks at different approaches to online security by banks around the world.From reading it, it is evident that what is missing is not so much the education piece but
The report concludes that getting customers to participate in fighting fraud is about allowing them ( within reason) to personalise the security measures in place to suit both their risk profiles and lifestyles. By allowing them to do this they will engage
more positively in the fraud prevention process and become more responsive to security issues generally.
Unfortunately many Financial Services firms find the personalisation challenge a challenge too far, and security is no exception. .
"...half of (card) fraud victims ... start using more cash". It's quite likely that 2FA and other sources of friction in ePayments will make people ditch ePayments and return to cash / checks. Goes to show that the shift between paper and electronic payments
is not as unidirectional as the digerati would have us believe.
Excellent salary with uncapped commissionMilton Keynes
© Finextra Research 2013