Consumer fraud awareness has increased

Research by Equifax reveals that consumers have development improved vigilance – good news for National Identity Fraud Prevention Month.

The data generated by the Equifax report, show that fraud remains a risk for consumers but as a result of education and increased awareness, greater care is being taken for prevention.

Here is some of the data in question:

*37% of respondents believe that being online more increases their fraud risk.

*58% believe that over the last 12 months their risk has increased.

*77% believe that fraud methodology is becoming more effective.

*29% are worried about credit card fraud (down from 36% in 2013).

*35% are concerned about online fraud (up from 24% in 2010).

*36% most fear identity fraud (down from 40% in 2010).

*91% avoid risk by checking bank statements.

*72% shred their personal papers.

* 64% have passcodes or passwords for their smartphone (positively up compared 31% in 2010).

“It is great to see that individuals are taking big steps to protect themselves from identity fraud, with efforts taken over the last few years through campaigns like National Identity Fraud Prevention Month appearing to improve awareness and understanding of this invisible crime”, said Neil Munroe, External Affairs Director of Equifax. “But just as respondents to our research suspect, fraudsters have become more sophisticated and that means consumers need to be cleverer about protecting their identity and financial information too.”

Some concerns for Equifax are that 31% of respondents said that they post information about themselves on social media sites when they are on holiday and 14% indicated that they would sell their old phones – both sources of vulnerability for fraud attacks.

From the merchant’s perspective, it is important to remember that while some things are out of your control, there are also preventative measures to be taken. In a Payment Magnates insight, published this week, we provide some helpful tips for the prevention of friendly fraud.

Image courtesy of Flickr