While nearly half of U.S. consumers believe they will experience credit or debit card fraud in the next five years — and 42 percent have personally experienced it — victims of fraud are universally satisfied with the way their bank resolved the situation, according to a recent survey. Ninety-five percent of those who experienced card fraud were satisfied or very satisfied with how their bank handled the situation, a reflection of the banking industry’s commitment to zero customer liability for fraud.
Despite 46 percent of respondents to the survey — released by Auriemma Consulting Group — believing they will soon experience card fraud, few believed that current technologies could do much to prevent it. Only 32 percent said chip cards have decreased the level of card fraud.
And while 70 percent of consumers said they were willing to enable multi-factor authentication — such as confirmations via text message — for online purchases, fewer were willing to add security steps for smaller transactions. “In reality, the amount of the purchase has nothing to do with a fraudster’s ability to steal a consumer’s information,” said Auriemma’s Jaclyn Holmes, “but consumers tend to care more about speed than security for smaller transactions.”