Global Consumer Card Fraud: Where Card Fraud Is Coming From
With 2,260 confirmed data breaches in 2015 alone and over 4 billion data records stolen since 2013,the security of the financial services value chain is a critical topic within the industry and among consumers. At this point in time, the assumption should be that almost all users’ credentials and/or card information has been compromised. The underground economy for user information has matured so much that it is indistinguishable from a legitimate economy. There are various service providers, service-level agreements, and very efficient supply-demand-based pricing. It no longer requires sophisticated computer science skills to perpetrate fraud, as most everything required can be acquired off the shelf from the underground market.
This Impact Report, the first in a two-part series on how financial fraud affects consumers, will look at consumer fraud experiences, perceptions of trust in financial institutions, and risky consumer behaviors. The report looks at 20 different countries from the Americas; Europe, the Middle East, and Africa (EMEA); and the Asia-Pacific. There are some broad trends among these regions and the countries within them, and there are also some interesting outliers.