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Card Fraud Affects Nearly Half of U.S. Consumers

Card Fraud Affects Nearly Half of U.S. Consumers - The Beacon

07-2016

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By: Michael

Card Fraud Affects Nearly Half of U.S. Consumers

Your BBB® has learned that a new report indicates that many people are affected by credit fraud throughout the world.  Mexico leads in card fraud at 56 percent, followed by Brazil at 49 percent and the U.S. at 47 percent.

That same report indicates that 54% of people increase their risk for fraud by keeping a card and PIN in the same place.

40 percent of consumers who received replacement cards as a result of a data breach or fraud use the new card less than they used their original card; 14 percent of consumers lack confidence that their financial institution can protect them against fraud. One in five consumers changed financial institutions due after experiencing fraud.

Thirty percent of consumers around the world have experienced card fraud within the past five years, 17 percent of them more than once. Consumers in 20 countries revealed an 82 percent increase in card fraud between 2014 and 2016. The U.S. is the only country to appear on the top three list in both years, due in part to the slow rollout of EMV chip cards.

European countries experience less card fraud, due to earlier adoption of EMV and other security measures.

Click here to get a copy of the report.

Read Article: Card fraud Strikes One in Three Consumers Worldwide.

Visit bbb.org/Evansville where you can Start With Trust®.

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Michael

Michael is our Business Information Specialist and will be writing at least one article per week for the consumer education blog. He works with accredited businesses to ensure we maintain current contact information and licensing. He is usually first to answer the phone; so odds are good you will be speaking with him when calling our office.