Annual fraud survey unveils consumer fears and loyalty

ACI commissioned its annual global fraud survey to better understand consumer awareness of, and reaction to, payment fraud.  This year, ACI engaged Aite Group to analyze the results and provide a third party perspective on consumer attitudes toward fraud.  With responses compiled from over 5200 consumers in 17 countries and six continents, the report covers everything from specific fraud rates over the past five years to preferences to how they want to be notified of attempted fraudulent activity (mobile phone leads the way).

Is the War on Fraud Being Won?

Two sets of industry statistics were published this week, with different and conflicting information:

BBC  quoted statistics from the UK Card Association that plastic fraud losses were down by 7% to £341m, attributed to 41% fall in fraudsters impersonating card holders. Whilst CIFAS reported increase in Account takeover up 18%, account misuse (first party fraud 13%) and identity theft 10%.

Card Fraud Arrest "Too Expensive"?!

The concern with stories like the recent one in the Telegraph about it being too expensive for the police to arrest a fraudster - so there are no consequences for the card fraud criminal - is that they erode confidence in the entire payments system.

Cyber Monday Kicks off Holiday Shopping Season (aka Credit and Debit and Prepaid….oh my!)

The first Monday following the US Thanksgiving holiday has become known as “Cyber Monday”; a day in which online retailers promote heavy discounts on merchandise to kick off the holiday shopping season.

Fraud Reporting - It's Criminal

Understanding the scale and source of global fraud is vital if the industry is going to tackle it. Yet getting a handle on what is really taking place is a challenge. Every country seems to have a different way of measuring fraud, and each organisation within those countries often provides statistics that are not consistent with each other.

Card fraud increases 60 per cent in 18 months

ACI’s 2010 Global Card Fraud Survey has been making a splash in the media over the last few weeks. According to our research, approaching a third (29 per cent) of consumers across eight major economies have been victims of card fraud in the past five years. This is up from less than a fifth (18 per cent) in summer 2009.

We have a collective responsibility for fraud

News out today from the National Fraud Authority (NFA) shows that fraud costs the UK economy £38bn a year – leaving every adult in the UK £765 worse off.

The changing nature of fraud

The reduction in fraud levels seen in Australia once again reiterate the potential savings that can be delivered if countries roll out EMV technology, and it will be interesting to see if the current non-EMV countries such as the US reconsider their stance as these stories continue to come through.

Not Just Another Manic Monday

According to Kelkoo – the online retail comparison website – and Visa Europe, Monday 29 November is the busiest online shopping day of the year. Visa Europe expects 3.8m purchases worth £265m to be made using Visa cards and Kelkoo says that online shoppers are expected to spend £537m on Christmas gifts today.

Direct Debit Fraud at an All Time High

It is worthwhile remembering that there is actually more than one victim involved in Direct Debit fraud. The Paying Bank executes the payment against a fraudulent direct debit mandate, and the Collecting Bank receives the fraudulent payment, whose customer provides goods and services – for simplicity let's assume they are in fact legitimate in the first place.