Credit card fraud up 62% in past two years

Credit card fraud has increased by 62% in the past two years according to research commissioned by ACI Worldwide, with 29% of financial services customers who use credit or debit cards reporting that they have experienced fraud.

The survey, which interviewed more than 4000 across North America, Europe and Asia, found that card fraud hit 32% of customers in the US but only 11% in the Netherlands.

Responses indicated that most people believed banks were doing a good job of protecting them. In the US 12% said the bank could be doing more compared to an average of 19% worldwide.

ACI solutions consultant Jasbir Anand said customer satisfaction was high in countries where people “use bank accounts and card payments as the primary vehicle for their card transacting”, but satisfaction was lower in countries where people use cash for most products.