HomeNEWSSurvey finds credit card fraud a growing concern

Survey finds credit card fraud a growing concern

The fear of criminals trying to steal credit card data has increased according to a survey by Transaction Network Services, which was largely based in America, Australia and the United Kingdom.

The survey was largely focused upon results found in the US, UK, and Australia, touching upon global statistics briefly. It found that globally 85 percent of adults believe the number of criminals trying to steal card data was increasing.

More than two thirds are concerned about the security of their payment card data and 38 percent feel their private credit or debit card data has been put at risk by a data breach, irrelevant of whether they subsequently were a victim of fraud. 

The studies section which looked into age statistics showed that globally only 59 percent of people aged 18-34 were concerned about fraud, compared to those aged 55+ where 73 percent were concerned.

When comparing this with perceptions from 2015, when the identical question was asked, fears had reduced. In the 2015 survey, 60 percent of US adults, 42 percent of Australian adults and 39 percent of UK adults felt their data had been put at risk by a data breach.

This suggests that recent moves within the industry to enhance security are reassuring consumers.

Lisa Shipley, executive vice president and managing director of TNS’ Payment Network Solutions, said the results still show a high level of concern.

“Our survey unveils high levels of concern about the security of payment card data and strong feelings among consumers that banks, retailers and other organizations involved in the payment card industry need to do more to protect their personal data.”

Shipley acknowledges that even though the rate of concern is still high, the drop from the previous year can be attributed to increase security measures promised to users.

“While the payments industry has made significant advances in protection in recent years, criminals continue to find increasingly sophisticated ways to target valuable payment card data. One in five respondents in our survey confirmed their credit or debit card data had been used fraudulently in the last two years, so this highlights that we must continue to drive forward with new security measures.”

 TNS asked respondents about encryption as a solution and 74% said they believed this would be a secure way of protecting their personal data.

This survey looked into where the customers thought card responsibility lies, to explore if consumers think retailers are ultimately responsible for protecting their private card data.

According to the findings, globally an overwhelming 62 percent hold the retailer responsible for protecting their credit card data when they make a purchase, instead of their bank or credit/debit card company.

Despite the increase of concern for fraud, the survey also found that the reported instances of credit and debit cards being used fraudulently had slightly decreased in 2017, compared with the data recorded in 2015.

The survey concludes that the payment industry collectively needs to do more to reassure consumers who make payments using credit and debit card data.

“We live in exciting times where consumers are embracing new technologies and methods of making payments, but so too are criminals who are developing sophisticated ways of targeting vulnerabilities.”

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