A further 35% reported that they accept being a victim of fraudulent transactions is ‘inevitable’, with 29% saying they believe the risk of fraud is a ‘fair trade-off’ for the convenience of a more seamless digital economy.
Marqeta’s survey showed that fraud is becoming an increasingly common fact of life for UK consumers - 38% reported having been the victim of financial fraud, with 1-in-5 falling victim in the last 12 months. The survey also showed that people are somewhat split in terms of who is responsible for preventing fraud - 57% of UK respondents think it’s their own responsibility to protect themselves from fraud, while 43% think it’s the banks’.
Over half of consumers (52%) admit they could be better at protecting personal financial information, while 1 in 20 UK consumers say they never think about it.
Only 34% check online to see if their card details have been exposed following a major data breach – considerably lower than the 60% of US respondents that do the same.
76% believe shopping online puts them at a higher risk of fraud, with 50% regularly worrying about entering card information online, but 85% still made a purchase online in the last month.
14% regularly lose their card, with 1 in 20 admitting to losing their card every few months. While 85% always cancel their card when this happens, only 23% do so immediately, despite the fact 82% of those that have been defrauded said it happened within an hour of them losing their card.
Almost two fifths (39%) of UK respondents said they had been proactively alerted to fraudulent activity on their account by their bank before they noticed themselves. A further 83% said they think their bank does a good job at alerting them to fraud, although 70% feel like banks could be more accurate when it comes to predicting fraud.
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