Almost one-in-four people have fallen victim to card fraud over the past five years, according to a study of 6100 consumers across 20 countries by ACI Worldwide and Aite.
Would be useful to have a further regional/country breakdown of the survey - helps identify local regulatory and bank practices wrt fraud protection and schemes. Can't really conclude much from this tbh - other than use cash next time I'm Abu Dhabi ;-)
I'd also like to see the "card fraud" figures broekn out into carding (Card Present) versus Card Not Present. At one level, it's all "card fraud" insofar as illict charges are made against a cardholder account. But the vectors are different. EMV brings
carding down, but we need to know how much carding fraud then migrates to online CNP fraud, reion by region.
@Marcus - Further breakdowns of card fraud by country are included in the report. Also data is compared within geos (EMEA, APAC, and Americas). A complimentary copy can be accessed in the link below.
@Stephen - the survey did not break down the questions for the consumers into card present vs. card not present categories (something to think about for the next survey). However, there were several questions related to relative confidence in e-commerce
purchasing that will come out in Part II of the research (scheduled for mid-July from Aite). I know in many areas globally that CNP fraud went up after the implementation of EMV.
Thanks for sharing this report. I found it very interesting.
In the next survey, I'd really like to see which proportion of card fraud victims took a financial loss, how much this was, and whether it was a result of the bank refusing to refund them or due to other reasons. There are no good recent statistics here
and it would address an important public policy question.
The current report gives customer satisfaction, which goes some way to addressing this issue (it's unlikely a customer will be very satisfied if they took a large financial loss), but it's hard to break down where dissatisfaction is coming from.
© Finextra Research 2014