2021 Fraud report

Why consumers are more concerned than ever about fraud.

As the world looks to move on from COVID-19, do consumers now feel more exposed than ever to the risk of fraud? 

In partnership with Propeller Insights, Marqeta conducted a survey of 2,000 consumers across the US and UK to get a sense of how our increasingly digital post-pandemic lives have changed our attitudes toward payment fraud. The survey shows just how much the last year has worn on consumers, both predictably and unpredictably: 

  • 1 in 4 consumers who have been victims of fraud reported being impacted in the last 12 months 

  • 65% of consumers are more concerned about fraud since the start of COVID-19

  • 56% of consumers have noticed more phishing attempts to get payment details since COVID-19

Younger consumers impacted the most by fraud throughout COVID-19

According to the survey, younger consumers, aged 18-34 years old, were 40% more likely to be introduced to fraud for the first time in the last 12 months.

Consumers are worried but stay nonchalant about protecting themselves

The survey shows that the majority of consumers haven’t actively adopted better habits to protect themselves against fraud over the last year. 

How will the fear of fraud affect consumer adoption of new payment technologies? 

As the world continues to turn digital en masse throughout the pandemic, fraudsters are more eager to exploit vulnerabilities. The survey shows how consumers feel about rising digital payment technologies and what financial institutions can do to further gain consumer trust. 

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