Mumbai, Maharashtra, India- Business Wire India
A global fraud study of more than 6,100 consumers across 20 countries revealed
distrust among global consumers in retailers to protect their data. The new
study, “Global Consumers: Concerned and Willing to Engage in the Battle
Against Fraud,” is the second in a two-part series conducted by ACI Worldwide
(NASDAQ: ACIW) and Aite Group. Among other findings, only slightly more than 50
percent of consumers feel stores where they shop use security systems that
adequately protect their financial data against hackers and data breaches.
Nearly 3 in 10 global consumers (29 percent) do not trust retailers (e.g.,
stores, online shopping sites, restaurants, etc.) to protect stored personal and
financial data against hacking attempts and data breaches.
58 percent think financial institutions (large multinational institutions,
community banks and credit unions) do a better job of protecting their data than
do retailers, or for that matter, government agencies and law enforcement.
Only 55 percent feel stores where they shop use security systems that adequately
protect their financial data against hackers and data breaches, compared to 62
percent who believe that online shopping websites adequately protect this
Mobile Customer Engagement
More than 3 in 4 global consumers (77 percent) are “very interested” in
being contacted about suspicious activity on their cards or accounts via a phone
call, email or text message.
Approximately 3 in 4 (73 percent) prefer that their banks not post transactions
to their cards until they respond to fraud alerts.
More than 4 in 10 global consumers (42 percent) do not recall receiving any
anti-fraud information from their financial institution.
More than 3 in 10 (32 percent) think theft by a computer hacker is the greatest
Prepaid Card Implications
In many countries, prepaid card usage and the rate of fraud on such cards
correlates. China and India have the highest rates of prepaid card fraud at 17
percent and 18 percent, respectively, and very high consumer use rates at 93
percent and 91 percent, respectively.
Conversely, in countries with use rates of 70 percent or less, such as
Australia, Canada, New Zealand and the United States, fraud rates are 4 percent
or less, indicating that the fraud rate may rise as more consumers use prepaid
“Consumer distrust is exacerbated by the widely publicized retail data
breaches over the past year,” Mike Braatz, senior vice president, Payments
Risk Management Solutions, ACI Worldwide.
“Retailers have their work cut out for them—to change consumer perception
that shopping, be it online or in-store, is unsafe,” Mike Braatz, senior vice
president, Payments Risk Management Solutions, ACI Worldwide.
“Consumers want to engage in the battle against fraud. Financial institutions
must take a proactive role in not only engaging customers in fraud-alerting
activities, but educating them on preventative measures to take to most
effectively combat it,” Shirley Inscoe, senior analyst, Aite Group.
“Communication is key when it comes to financial institutions making customers
aware of the tools available to fight fraud. This can have a big impact in
customer satisfaction and loyalty,” Shirley Inscoe, senior analyst, Aite
To receive a complimentary copy of the two-part report, please click here or
ACI Worldwide conducted online quantitative market research via a March 2014
survey of 6,159 consumers; approximately 300 consumers, divided equally between
men and women, participated in each of the 20 countries. Of the total, 6,041 own
one or more type of payment card (i.e., credit card, debit card, prepaid card).
The study was conducted in a total of 20 countries in the following regions:
The Americas (North and South America): Brazil, Canada, Mexico, and the United
EMEA (Europe, the Middle East, and Africa): France, Germany, Italy, the
Netherlands, Poland, Russia, South Africa, Sweden, the United Arab Emirates, and
the United Kingdom
Asia-Pacific: Australia, China, India, Indonesia, New Zealand, and Singapore
About ACI Worldwide
ACI Worldwide, the Universal Payments company, powers electronic payments and
banking for more than 5,000 financial institutions, retailers, billers and
processors around the world. ACI software processes $13 trillion each day in
payments and securities transactions for more than 250 of the leading global
retailers, and 21 of the world's 25 largest banks. Through our comprehensive
suite of software products and hosted services, we deliver a broad range of
solutions for payment processing; card and merchant management; online banking;
mobile, branch and voice banking; fraud detection; trade finance; and electronic
bill presentment and payment. To learn more about ACI, please visit
www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.
About Aite Group
Aite Group (www.aitegroup.com) is an independent research and advisory firm
focused on business, technology, and regulatory issues and their impact on the
financial services industry. With expertise in banking, payments, securities &
investments, and insurance, Aite Group's analysts deliver comprehensive,
actionable advice to key market participants in financial services.
Headquartered in Boston with a presence in Chicago, New York, San Francisco,
London, and Milan, Aite Group works with its clients as a partner, advisor, and
catalyst, challenging their basic assumptions and ensuring they remain at the
forefront of industry trends.
© Copyright ACI Worldwide, Inc. 2014.
ACI, ACI Payment Systems, the ACI logo and all ACI product names are trademarks
or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in
the United States, other countries or both. Other parties' trademarks referenced
are the property of their respective owners.
Product roadmaps are for informational purposes only and may not be incorporated
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discretion of ACI and may be modified without notice. All product roadmap or
other similar information does not represent a commitment to deliver any
material, code, or functionality, and should not be relied upon in making a
Neha Merchant, Bite Global for ACI Worldwide, +91-9820454541,
Ayanica Sree, Bite Global for ACI Worldwide, +91-9873058742,
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-0- Jul/24/2014 10:56 GMT
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