Last Updated on October 3, 2024 by
REDWOOD CITY, Calif.–(BUSINESS WIRE)–i2c Inc., a global provider of highly configurable banking and payment solutions, has released a new survey highlighting critical insights into consumers’ experiences and expectations regarding credit card fraud. The survey, conducted in collaboration with PYMNTS, reveals consumers’ widespread concerns about fraud and the pivotal role they expect their banks to play in protecting them.
“Consumers expect their banks to detect fraud quickly and communicate with them in real-time”
Key Findings:
- Consumers Remain Concerned About Fraud: More than 25% of consumers experienced credit card fraud in the past year, with millennials and higher-income groups being the most vulnerable. Nearly 75% of consumers expressed some level of concern about potential future fraud.
- Banks Bear the Burden of Preventing Fraud: The survey shows that consumers believe banks and payment card networks bear the greatest responsibility for preventing and resolving fraud. Approximately one-third of consumers identified real-time fraud monitoring as the most important action banks should take, preferring banks to take on this responsibility rather than requiring customers to track suspicious activity themselves.
- Consumers Prefer a Proactive Response: More than 90% of respondents who experienced credit card fraud reported that their bank took action before they did, with nearly 30% discovering the fraudulent charge through a mobile notification.
- Acting Now Can Prevent Customer Loss: While consumers tend to prefer less drastic measures when fraud occurs, more than 40% of affected individuals requested new credit cards. Only 5% opted to switch banks, but those who lost significant amounts of money were more likely to take such measures.
“Consumers expect their banks to detect fraud quickly and communicate with them in real-time,” said Amir Wain, CEO of i2c Inc. “Our survey shows that when banks take proactive measures, such as sending mobile notifications about suspicious activity, customer satisfaction significantly improves. On the other hand, when consumers have to discover fraudulent activity themselves, satisfaction levels drop. This highlights the critical need for AI-driven fraud prevention tools to meet customer expectations and maintain trust.”
Please click to read the full report, “Credit Card Fraud Fears Can Drive Consumers to Switch Banks (i2cinc.com).”
About i2c Inc.
i2c is a global provider of highly configurable banking and payment solutions. Using proprietary building block technology, clients can easily, quickly and cost-effectively create, launch and manage a comprehensive set of solutions for banking, credit, debit, and prepaid programs. i2c delivers unparalleled flexibility, agility, security, and reliability from a global, unified banking and payments platform. Founded in 2001 and headquartered in Silicon Valley, its next-generation technology supports millions of users in more than 200 countries/ territories and across all time zones. For more information, visit www.i2cinc.com and follow us at @i2cinc.
Contacts
Chuck Meyers
Director of Public and Analyst Relations, i2c
