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Consumer-Facing Fraud Prevention Strategies in Payments
Datamonitor, Aug 2011, Pages: 90
Introduction
While data on fraud statistics are scarce, understanding consumer attitudes to fraud is an important tool in combating this potential threat. The findings in this study are based on a survey covering Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, the Netherlands, Russia, South Africa, South Korea, Singapore, Spain, Sweden, the UK, and the US.
Features and benefits
- Understand global fraud levels and the levels of fear of fraud among victims and non-victims depending on the type of fraudulent activity.
- Gain an understanding into how consumers react in the aftermath of fraud and how they view the role of banks in terms of preventing fraud.
- Plan your fraud prevention strategy around best practice and emerging solutions that if implemented could be most effective in combating fraud.
Highlights
- The growing online commerce channel is creating opportunities for fraudsters, generating concern among consumers about the security of payments. Card not present fraud is the most common type of fraud. Furthermore, 64.7% of consumers stated that having their card details stolen on the Internet causes them the greatest concern.
- Given the magnitude of recent security breaches, educating customers and merchants is becoming as important to the issue of fraud as directly targeting compromised accounts . In order for banks to realize when fraud is taking place, they should know when consumers go abroad, whether they shop online, and how much they are likely to spend.
- To accommodate some of the challenges of online banking, the industry is in the midst of moving from static to dynamic authentication. The technology is only now beginning to catch on for online commerce transactions. In the card not present environment, a mobile phone may yet prove to be the most viable secure verification tool.
Your key questions answered
- What are global fraud levels in card present versus card not present environments?
- Which is the most common and feared type of fraud?
- How do consumers view the role of banks in preventing fraud?
- How accountable do consumers hold themselves for the incidences of fraud?
- What are best practice and emerging fraud prevention strategies?
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