One Million More Brits Cancel Credit and Debit Cards in the Last Year Due to Fraud

by Sarah Grotta 0

 Finextra reports that cancelled credit and debit cards due to fraud or suspect fraud is up to 12% in the UK. This seems high for a country that has had EMV for years, protecting cards for in-person counterfeit transactions and is closer to the 3D Secure, version 2 liability shift date (April 2018), intended to provide incentives to improve the security of on-line transactions. Also alarming is that the average transaction loss is up to £600.00:

 

Out of the people who had money stolen because of a hack, the average amount taken rose from £475 to £600 compared to the last survey. Issues of hacking present a real problem for banks’ customer retention, as almost one in four customers who had money stolen changed, or are in the process of changing, bank or credit card provider. However, despite the lack of trust that stems from being hacked, customers are broadly happy with how cyber-attacks are dealt with. 91% of customers who were the victim of a hack being satisfied with the way in which the company handled the issue.

The largest cause of hacking was online payments, which accounted for 46% of those surveyed. Almost one in ten of those who were the victim of a hack had their card duplicated at an ATM, while identity theft accounted for 11% of hacks.

Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group

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