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Consumers want part in protecting their payment cards from fraud

A survey conducted in the US, Canada and the UK by FICO shows that fraud is top-of-mind for consumers in the wake of high-profile data breaches.

Respondents’ primary concern about payment fraud wasn’t financial loss, it was the time

UK fraud warning image

Consumers want part in protecting their payment cards from fraud

required to fix the problems created by fraud. This was the top concern for 68% of respondents in the US, 60% in Canada and 51% in the UK.

In the survey, 70% of respondents in the US said they were concerned about fraudulent use of their payment cards. In Canada, 75% of respondents were concerned about fraud and in the UK, 66% of those polled expressed concern about fraud.

Survey respondents said they were interested in tools they could use to dynamically manage their own payment security. In all three countries, more than 50% of consumers said they wanted to use a mobile app to control the types of transactions for which their cards could be used (e.g., in-store, online, mail order), and the maximum dollar amount for allowable transactions.

“The steady drumbeat of news about massive security breakdowns has eroded public confidence in institutional data security,” comments Anant Nambiar, FICO’s general manager for fraud and protection FICO. “Consumers around the world clearly have an appetite for stronger payment card security, and they are eager to work with their card issuers to protect themselves.”

American Consumers More Interested in Real-Time Alerts
US consumers were more interested in real-time notifications than consumers in the other two countries. Among US respondents, 63% said they would use a service that sends email or text messages when suspicious activity is observed on their payment cards. In Canada, 51% of respondents said they would use such a service, while 46% of respondents in the UK were interested in that type of service.

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