Consumers lack confidence in banks fraud mitigation ability

According to data from ACI Worldwide and Aite, UAE has seen the highest rate of fraud overall at 44%, followed by China at 42%, India and the US at 41% each.

The same source mentions that the growing incidence of card fraud appears to be having a destabilising effect on consumer trust in financial organisations, with one-quarter of cardholders switching banks due to dissatisfaction after experiencing fraud. A further 63% of victims also reported that they are more likely to use their cards less.

According to Shirley Inscoe, senior analyst, Aite Group, consumers lack confidence in their banks ability to protect them from fraud, therefore banks must remain vigilant in their fraud migration efforts or face increased customer attrition.