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Card Crime Survey

by msecadm4921

Nearly one in ten UK consumers break the cardinal rule – never carry your PIN number with your card. That is according to research findings by ACI Worldwide, a US-based provider of payment systems.

The survey suggests half of consumers worry about card fraud over other financial threats. Yet the survey of 4,200 consumers across 14 countries also showed that too many people fail to take basic precautions for protecting themselves from financial crime.

In the UK for instance, nearly one in ten (nine per cent) consumers break the cardinal rule – never carry your PIN number with your card. On average, this figure rises to 12 per cent globally. In Italy, 21 per cent of respondents have made a note of their PIN and carried it with them or kept it with their card. That number rises to 23 per cent in India and 27 per cent for respondents from China. Likewise, 15 per cent of UK consumers are still throwing bank statements and receipts in the bin.

Andy Morris, Risk Business Solutions Consultant, ACI Worldwide, said. “When it comes to fraud, prevention is obviously better than a cure. Banks need to continue to inform consumers about how they can protect themselves against fraud.”

The survey also pointed to consumers’ biggest fear of card fraud, with 49 percent of all respondents saying they are worried about financial wipeout or the inability to pay (48 per cent in the UK). A further 64 per cent of consumers in the UK are more worried about becoming a victim of fraud during these tough economic times. This fear stems from the fact that 59 per cent of UK consumers think card fraud is increasing, with an additional 36 per cent feeling they have less money and can’t afford to become a victim of fraud.

The survey suggested that 63 per cent of Brits worry more about card fraud when using their plastic overseas, and 60 per cent worry more when using their card online. “These findings highlight an opportunity for banks to educate consumers about how cards are generally skimmed in the home country, and then fraudulent transactions are attempted overseas or online,” said Morris. “Our survey also revealed that consumers are very concerned not only about how fraud can impact them personally, but as a greater society. Globally, 15 percent of cardholders said their biggest fear about card fraud was their money being used to fund organized crime, compared to just 10 percent whose main concern was damage to their own individual credit rating.”

The survey found that fraud could influence consumers to revert back to cash, with 10 per cent of UK respondents saying they would definitely use cash over cards following a fraud incident and an additional 68 per cent admitting they would do so ‘in some situations.’

Morris added: “Because carrying large volumes of cash is not advisable for consumers and processing and handling cash is expensive for banks and the wider economy, the best course for banks – and consumers – is preventing the fraud from occurring in the first place. This is also the case for banks hoping to continue the transition from cash to cards by their customers. This information provides banks with a tremendous opportunity to educate consumers about how they are continuously improving their anti-fraud strategies and techniques, as well as educating consumers about how they can protect themselves against fraud. These strategies will help banks generate confidence among their customers and build brand loyalty.”

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