Payment Fraud Customer Analytics

Date: 2015-11

Consumer education is generally touted as the answer to tackling fraud, but such strategies will only prove successful once providers gain better insight into what their customers look like – especially in terms of their attitudes and behaviors and the implications these stand to have on payment fraud levels.

– Understand global fraud levels and the levels of fear of fraud among victims and non-victims based 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.
– Future-proof your fraud prevention strategy by identifying the most prevalent fraud types and the demographics that are the most susceptible.

– Which types of payment fraud are most prevalent?
– How accountable do consumers hold themselves for incidences of fraud?
– Which types of payment fraud are consumers most likely to react negatively to?
– How is payment fraud most commonly detected?
– What are consumer attitudes towards the use of biometric technology for payment authentication?

Key Highlights
Verdict Financial’s 2015 CPI Survey shows that 27.6% of consumers experienced fraud during the last three years globally, with the UAE (44.6%), China (43.8%), and Malaysia (41.4%) experiencing the highest number of incidents. Poland (18.5%), the Netherlands (14.6%), and Denmark (12.6%) reported the fewest incidents.

Within Europe, consumers typically experienced fraud at a rate below the global average. This is true for Poland, Belgium, Denmark, the Netherlands, Sweden, France, Italy, Norway, and the UK, with only Turkish consumers reporting higher-than-average incidences of fraud.

Post-fraud, 69.4% of total respondents globally were more careful, 18.1% did not change their behavior, 12.8% have used their card or account less since the fraud occurred, and 7.5% do not go back to where they think the fraud happened.”

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