Card fraud rates are on the rise
An ACI study which surveyed more than 6,000 consumers across 20 countries, found that almost 30 per cent of people have experienced card fraud in the past five years. Some 17 per cent of respondents had experienced more than one incident of fraud, compared to 13 per cent in 2014.
The report found that fraudsters are getting more sophisticated, observing that “the underground economy for user information has matured so much as to be indistinguishable from a legitimate economy”. The increase in smartphone and tablet usage has also been linked to the rise in fraudulent activity, as consumers publish increasing amounts of private data social media platforms.
Mexico has the highest percentage of card fraud at 56 per cent, followed by Brazil at 49 per cent and the US at 47 per cent. European countries experience less fraud than in the Americas, with fraud rates in the UK at 29 per cent, Italy 27 per cent and Germany 18 per cent.
Andreas Suma, global lead for fraud and data at ACI Worldwide, noted: “Our latest report shows that card fraud remains an issue of deep concern for consumers worldwide. As fraudsters are getting more organised it is fair to say that at this point in time, the assumption should be made that almost all users’ credentials and card information has been compromised.”
See more HERE
