Recent research results provided by global payment firm ACI Worldwide and leading researching firm Aite Group show fraud levels from around the world, ranking which countries have the highest and lowest levels of fraud on a global scale.
The research was held in front of 6,100 consumers spanning across 20 countries. According to the results, the country with the highest global fraud rate is the United Arab Emirates (UAE) with a 44% global fraud rate. At a close second was China with a 42% global fraud rate.
When it came to the lowest global fraud rates, Europe came on top with Sweden being the country with lowest amount of card fraud and having a global fraud rate of just 10%. The Netherlands came in as the second lowest fraudulent region with a 13% global fraud rate.
Globally, an estimated one out of four consumers have fallen victim to card fraud within the past five years.
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ACI and Aite also dove deeper to reveal the thoughts and hesitations of those who have fallen victim to fraud in the past. A total of 63% of past card fraud victims revealed they are now reluctant to place similar transactions, due to the experience. In addition, 23% of all participants in the research stated they would consider switching their current card provider if fraudulent activity occurred on their payment card.
“Given this latest data, financial institutions have their work cut out for them, both in terms of educational and preventative measures. 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,” stated senior analyst for Aite Group, Shirley Inscore.
The research encourages financial institutions to ramp up security and fraud prevention measures given the high number of those willing to leave their card providers after fraudulent actions have been taken on their cards.
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