We are excited to release the findings today of our latest survey report about the impact of card fraud on consumers. We partnered with Propeller Insights and surveyed over 4,000 U.S. and U.K. consumers about their experiences with fraud and the impact it had on them.
Our new report had some clear takeaways:
Consumers
in the U.S. and U.K. are experiencing card fraud in large numbers
in the U.S. and U.K. are experiencing card fraud in large numbers
One in five people surveyed was a victim of card fraud in the last 12 months. Americans were 21% more likely to have been victims of fraud than residents of the U.K., but. for consumers in both countries fraud is taking on greater importance now as millions of people rely on the digital economy as a crucial lifeline during shelter-in-place orders.
The growing threat of fraud is becoming a major source of anxiety for consumers
COVID-19 has forced consumers to do business almost entirely online, increasing their vulnerability to fraud. Over half of respondents said they worried about fraud when making online purchases, and 21% said they worried about security every time they entered their details online. Despite this, consumers are still complacent when it comes to protecting themselves against fraud. Half of respondents (52%) said that they could be better at protecting their card information, and only 29% said they noticed immediately when their credit card went missing or was stolen.
Consumers do not accept fraud as a part of online life
Sixty-nine percent of people surveyed said the stress of card fraud wasn’t a fair trade-off for digital conveniences, while 59% said that they didn’t see fraud as a built-in part of the modern economy. A clear majority of respondents (87%) said they would be happy to wait for online transactions to take longer to complete if their information was better protected.
The issues raised by the Marqeta survey show that card fraud requires more than a technical fix. The fear of fraud is holding consumers back from understanding the benefits of new payment technologies and is throttling adoption. There’s a large education gap that financial services providers need to address regarding the risks consumers face, how they’re working to address them, and how technology can secure transactions and protect personal information.
Download the entire report here.
