Consumers are keen on actively participating in preventing card fraud

A survey conducted in the US, Canada and the UK by FICO (FICO), a predictive analytics and decision management software company, shows that respondents’ primary concern about payment fraud was not financial loss, but the time 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.

Findings reveal 70% of respondents in the US saying 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 application to control the types of transactions for which their cards could be used, and the maximum dollar amount for allowable transactions.

The report shows that 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.

The online survey was conducted by FICO in Canada, the UK and the US during October 2014, with 1265 consumers participating.