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UAE ranks 4th in paying card fraud

Iconic Burj Khalifa UAE

One-in-four people have been victimized by credit, debit or pre-paid card fraud during the past five years, with more than 20 percent of people reporting that they will stop using, or switch from, the card impacted by fraudulent activity.

A global study of more than 5,200 consumers across 17 countries conducted by ACI Worldwide (NASDAQ: ACIW) and Aite Group, revealed that one-in-four respondents has been victimized by credit, debit or pre-paid card fraud during the past five years, with more than 20 percent of respondents reporting that they will stop using, or switch from, the card impacted by fraudulent activity. The report also found that residents of Mexico and the United States reported the highest percentage of direct experience with card fraud, at 44 and 42 percent respectively, while residents of The Netherlands and Sweden tied for the lowest levels of fraud at 12 percent.

“The results of this survey show that card fraud continues to be one of the greatest threats and concerns for consumers, financial institutions and retailers,” Mike Braatz, Senior Vice President, Payments Fraud, ACI Worldwide, said.

“While there have been significant advances in fraud prevention technology, it is clear that more needs to be done to educate consumers about fraud and engage them as allies when it occurs. These results should serve as a call-to-action for financial institutions and retailers to remain constantly vigilant and earn the trust of customers by working with them to combat fraud.”

Among all the countries in the research, the UAE ranks 4th in the global card fraud ranking: Mexico 44%; US 42%; India 37%; UAE 36%; China 36%; UK 34%; Brazil 33%; Australia 31%; Singapore 26%; South Africa 25%; Canada 25%; Italy 24%; France 20%; Indonesia 18%; Germany 13%; The Netherlands 12% and Sweden 12%.

“The 2012 Fraud survey paints a compelling picture of the global nature and threat of fraud,” Shirley Inscoe, Senior Analyst, Aite Group, said.

“Financial institutions, issuers and retailers need to enlist customers in the fight against fraud, educate them on prevention best practices, and reassure them of policies should fraud occur. Maintaining customer satisfaction, loyalty and preserving wallet share can be achieved by communicating with and enlisting the customer in the fight against fraud.”

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Posted by on Oct 16 2012. Filed under Banking & Finance, Headline. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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