Online purchases decrease after fraud.
Position | EConsumers |
Nearly half of U.S. consumers have experienced credit credit card fraud, points out a recent report, while another survey found that 56% of fraud victims changed their card use or shopping behavior after a fraudulent charge.
According to the Card Fraud Control Benchmark Study, card-not-present (CNP) represents the largest category of fraudulent activity. Meanwhile, the 2016 Global Consumer Card Fraud study has determined that 30% of consumers worldwide--and 47% of U.S. consumers--experienced card fraud within the past five years. Globally, 17% of consumers have experienced multiple cases of fraud, and 40% use their compromised account less frequently. Another study surveyed consumers about their shopping habits following a fraudulent charge, and found that 15% closed their account, 14% changed online retailers, 12% shopped less online, 11% used their replacement card less, and three percent did not use their replacement card at all.
"While consumers typically have zero liability for fraudulent charges, the study findings suggest those who are affected by fraud often lose faith in the ability of their card provider or merchant to protect them," notes Gary Cardone, CEO of eConsumer Services, Tampa Bay, Fla., a dispute mediation firm. "Even though consumers may not be financially responsible for fraudulent charges, they still experience the hassle and anxiety of dealing with fraud and waiting for their case to be resolved. Many don't know how the fraud occurred or who perpetrated it, which can lead them to worry about further fraudulent charges or identity theft."
Cardone warns that, if financial Institutions and merchants are not proactive in their efforts to allay customers' fears and regain their trust, consumers' declining card use, transition away from online shopping, or switch to competitors steadily could erode their business as card-not-present fraud continues to grow. To prevent these consequences, Cardone recommends the following measures:
* Invest in advanced fraud prevention. The CNP Fraud Consumer Impact survey found that 78% of online shoppers want...
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