Payments

Study: Fraud top of mind for card users

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March 13, 2023

Fraud remains top of mind for credit/debit card users, as 83% of respondents in a Brightwell survey said fraud and security were extremely important when selecting a new card, according to a press release.

Customers viewed credit cards at the most secure, at 41%, ranking them as highly secure compared to 32% with prepaid cards and 31% with debit cards. The survey also found younger generations are more likely to report card fraud with 36% of Gen Z and 38% of millennials reporting they experienced fraud compared to 22% of baby boomers.

"Younger generations are more aware of fraud and more likely to blame card issuers, banks, and digital wallet providers," Larry Hipp, CEO of Brightwell, said in the release. "Businesses that are vocal about fraud protection and take real steps to protect their customers against it will have an advantage in attracting younger consumers — but many businesses have yet to invest in new technologies and practices to detect and prevent card fraud, particularly when it comes to prepaid card programs."