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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.
What Do Consumers Do Once Their Credit Card Is Compromised?
- Overall, 80% of consumers receive a replacement card following a security incident.
- Younger consumers are BY FAR the most likely demographic to change their behavior following a security incident.
- 30% of younger consumers (18-34 years old) close their credit card accounts following security incidents, compared to 13% of 55+ year olds.
- 28% of young consumers begin using another card they had, compared to 13% of 55+ year olds
- 13% of younger consumers purchase an identity protection service, compared to 3% of 55+ year olds.
- 7% of younger consumers apply for a new card, compared to 0% of 55+ year olds.
- Interestingly, 9% of 55+ year olds made “other” actions vs. 3% of young consumers.
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.