The Federal Trade Commission (FTC) received 2.2 million fraud reports from consumers in 2020. In 2021, a published report highlighted imposter scams as the most common type of fraud reported to the agency, while online shopping was the second most common fraud category reported by consumers. What payment method is most affected by fraud?
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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
5 Top Payment Methods Affected by Fraud:
- 42% – credit card
- 39% – debit card attached to a checking account
- 22% – online banking
- 12% – debit card issued by a peer-to-peer payment service
- 8.3% – peer-tp-peer payment service
About Report
Mercator Advisory Group Releases Payments Industry Research: Payment Fraud – The Consumers’ Perspective
The Federal Trade Commission (FTC) received 2.2 million fraud reports from consumers in 2020. In 2021, a published report highlighted imposter scams as the most common type of fraud reported to the agency, while online shopping was the second most common fraud category reported by consumers. Mercator Advisory Group’s primary data service, Fraud Experience
PaymentsInsights, takes a comprehensive view of United States consumer payment and identity theft related fraud.
Mercator Advisory Group’s most recent 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.
“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.
