UAE, China top card fraud rankings
Fraudulent card activities are on the rise in China.
A study by ACI Worldwide and Aite reveals card fraud – defined as unauthorised activity on debit, credit and prepaid cards – is highest in the UAE (44 per cent), followed by China at 42 per cent and India and the US at 41 per cent each.
It has been found out one in four consumers globally has been a victim of card fraud in the last five years.
Having experienced fraud, more than half of global consumers plan to use their cards less.
“Consumers lack confidence in their bank’s ability to protect them from fraud, so banks must remain vigilant in their fraud migration efforts or face increased customer attrition,” said Shirley Inscoe, senior analyst, Aite Group.
“They are unsure that their financial institutions can protect them against fraud; they use replacement cards less often due to a loss of confidence in the card or card issuer, after experiencing fraud; and post-fraud, they often change providers or their cards go to back of wallet,” adds Mike Braatz, senior VP, payments risk management solutions, ACI Worldwide.