Payment Method-Related Fraud Experiences in the Past 12 Months:
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Data for today’s episode is provided by Mercator Advisory Group’s Report: 2022 Fraud Experience PaymentsInsights: Payment Fraud – The Consumers’ Perspective
Payment Method-Related Fraud Experiences in the Past 12 Months:
- 42% of respondents experienced credit card fraud in the past 12 months.
- 39% of respondents experienced fraud on their debit card attached to a checking account in the past 12 months.
- 22% of respondents experienced online banking fraud, including bank-issued checks and ACH in the past 12 months.
- 12% of respondents experienced fraud on their debit card issued by a P2P payment service such as Venmo or PayPal in the past 12 months.
- 8.3% of respondents experienced fraud directly on their P2P payment service such as PayPal, Venmo, or Cash App in the past 12 months.
- 8.1% of respondents experienced check fraud in the past 12 months.
- 7% of respondents experienced prepaid gift card fraud in the past 12 months.
About Report
Mercator Advisory Group’s report, 2022 Fraud Experience PaymentsInsights: Payment Fraud – The Consumers’ Perspective, examines payment methods in relation to fraud, the dollar value of fraud incidents, types of fraud experiences, identity theft-related fraud, consumers’ experience with resolving fraud cases, as well as consumers’ attitudes, not only about fraud but also about the financial institutions they use for banking and bill paying services.
The report is based on the Fraud Experience PaymentsInsights survey administered in January 2022 to a nationally representative sample of 3,611 United States consumers, ages 18 years or older.
“Payment and identity-related fraud prevention can be achieved by building an alliance with consumers and learning from past fraud experiences so that financial institutions and merchants can continue to educate both themselves and their consumers on what patterns to look out for so that they can avoid becoming victims of fraud,” says Amy Dunckelmann, VP, Research Operations at Mercator Advisory Group.
