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Data for today’s episode is provided by Mercator Advisory Group’s report – 2019 U.S. PaymentsInsights – Technology and Fraud: Consumer Concern Is Real.
Debit Card Fraud Increases with Household Income
- 43% of households >$100K experienced debit fraud in 2019.
- Of the >$100K households that experienced debit fraud, 31% experienced 3 or more security events.
- 33% of households with income <$100K experienced fraud in 2019.
- Typically, older consumers have higher household income than younger consumers, so you’d think they’d experience greater debit fraud.
- This is an interesting contrast to credit card fraud, where older consumers experience less credit card fraud than younger consumers.
- 24% of consumers who experience debit fraud close their bank account, including 30% of males.
- 28% of males switch to an alternate card they already have after experiencing debit card fraud.
Mercator Advisory Group’s most recent consumer survey report, Technology and Fraud: Consumer Concern Is Real, from the bi-annual North American PaymentsInsights series, takes an in-depth look at U.S. consumers’ current perspectives on technology and fraud.
This report explores how technology and fraud impact consumers lives and, in particular, the way they shop and pay for things. This includes detail on not only what they do but also how they feel about these two important consumer issues.