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Online card fraud not our problem?

A comprehensive survey from Datamonitor of consumer attitudes to online security this summer has revealed that although one in ten of us has fallen victim to card fraud online, security isn’t our number one priority.

GENERAL MERCHANDISE

Online card fraud not our problem?

A comprehensive survey from Datamonitor of consumer attitudes to online security this summer has revealed that although one in ten of us has fallen victim to card fraud online, security isn’t our number one priority.

Instead we’re far more occupied with convenience because we know our banks will shoulder the risk of fraud.
 

The research by the independent market analyst has found that when making payments online, the majority of consumers use a debit or credit card despite believing them to be less secure than other options. This is because the majority of consumers also rate these as the most convenient payment tool to use.
 
Annabel Gorringe, analyst at Datamonitor said: “One key problem is that as consumers aren’t liable for losses they have little motivation in working to combat fraud. Therefore we believe that the payment industry and retailers need to work together to balance convenience with security.
 
"Consumers not only assume they will get their money back if they are a victim of online fraud (85% thinking that this is a certainty), but many are not taking basic actions to protect their finances. It is worrying that more than 20% keep a record of their PIN number with them at all times. Despite this more than two-thirds of consumers expect banks to take sole responsibility for reducing fraud.”

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