Global card fraud on the rise- ACI
(10 February 2011 – Australia) Nearly a third of people have been victims of card fraud in the last five years, up from a fifth just 18 months ago, according to figures covering eight countries for a survey commissioned by ACI Worldwide.
Research Now surveyed 4,200 people in 14 countries for the vendor.
In the latest survey there was a 60 percent increase in the number of people who had been a victim of fraud, a jump to 29 percent of respondents.
In the UK, the percentage is even higher, at 33 percent, up from 27 percent only 18 months ago, which means an estimated 14.6 million UK consumers have been the victims of card fraud in the last five years.
Across all 14 countries, 41 percent would change or consider swapping their financial institution as a result of being a victim of card fraud or knowing someone who was.
However, a further 45 percent said it would depend on the quality of service they received, highlighting the importance of customer service and response when fraud does happen.
In the UK, 37 percent of consumers would change or consider swapping financial institutions following an incidence of card fraud, down from 41 percent in 2009. Yet only 14 percent of Brits are unhappy with the treatment they receive from banks, just behind the US on 12 percent and Australia 10 percent, and far ahead of India, on 41 percent and Dubai, 38 percent.
In the UK, the speed at which money is refunded following fraud is the main reason for customer satisfaction (40 percent) closely followed by the ability of financial institutions to identify the fraud before account holders (34 percent).
This is a picture reflected across the globe although remarkably American consumers say that the ability for their bank to identify the fraud before them (40 percent) is more important than actually getting the money back quickly (32 percent).
Despite the prevalence of card fraud, 81 percent of people have confidence in their financial institution to protect them. But, over half of people do want their bank to contact them on their mobile, either with a call or by SMS, if they notice suspicious activity on their card. In the UK, that figure drops to just 39 percent.
David Divitt, senior fraud consultant, ACI Worldwide, said that it is clear that financial institutions and processors are working tirelessly to combat card fraud and protect their customers - and this is paying dividends in terms of customer satisfaction.
"However fraud is constantly changing and, looking forward, the industry will need to increase focus on identifying identity theft and assisting victims to maintain this improvement in customer experience," Mr Divitt said.
In the latest survey there was a 60 percent increase in the number of people who had been a victim of fraud, a jump to 29 percent of respondents.
In the UK, the percentage is even higher, at 33 percent, up from 27 percent only 18 months ago, which means an estimated 14.6 million UK consumers have been the victims of card fraud in the last five years.
Across all 14 countries, 41 percent would change or consider swapping their financial institution as a result of being a victim of card fraud or knowing someone who was.
However, a further 45 percent said it would depend on the quality of service they received, highlighting the importance of customer service and response when fraud does happen.
In the UK, 37 percent of consumers would change or consider swapping financial institutions following an incidence of card fraud, down from 41 percent in 2009. Yet only 14 percent of Brits are unhappy with the treatment they receive from banks, just behind the US on 12 percent and Australia 10 percent, and far ahead of India, on 41 percent and Dubai, 38 percent.
In the UK, the speed at which money is refunded following fraud is the main reason for customer satisfaction (40 percent) closely followed by the ability of financial institutions to identify the fraud before account holders (34 percent).
This is a picture reflected across the globe although remarkably American consumers say that the ability for their bank to identify the fraud before them (40 percent) is more important than actually getting the money back quickly (32 percent).
Despite the prevalence of card fraud, 81 percent of people have confidence in their financial institution to protect them. But, over half of people do want their bank to contact them on their mobile, either with a call or by SMS, if they notice suspicious activity on their card. In the UK, that figure drops to just 39 percent.
David Divitt, senior fraud consultant, ACI Worldwide, said that it is clear that financial institutions and processors are working tirelessly to combat card fraud and protect their customers - and this is paying dividends in terms of customer satisfaction.
"However fraud is constantly changing and, looking forward, the industry will need to increase focus on identifying identity theft and assisting victims to maintain this improvement in customer experience," Mr Divitt said.
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