Millions of people have had data compromised - are you one of them?
A new study from the Aite Group found that with these breaches in mind, consumer confidence is falling.
Here are some of the notable findings:
- Of all cardholders—debit, credit, and prepaid—27 percent have experienced card fraud in the past five years. This percentage is unchanged since the 2012 study.
- After experiencing fraud, 63 percent of consumers use their card less, at least in some situations, than they used their card previously.
- In 2014, 14 percent of debit and credit card holders cite having experienced fraud multiple times during the past five years.
- Of cardholders who received replacement cards as a result of a data breach or fraudulent activity in the past year, 43 percent used the new card less than the original.
- Consumers who are dissatisfied with how they are treated by their financial institution after experiencing fraud sometimes change providers, resulting in a global attrition rate of 23 percent.
- Fifty-five percent of respondents are "very concerned" about reclaiming their financial identity if they become a victim of identity theft; this represents a twofold increase in consumers with this level of concern from 2011.
- Eighteen percent of global consumers lack confidence that their financial institution can protect them against fraud.
- Forty-nine percent of global consumers exhibit at least one risky behavior, which puts them at higher risk of financial fraud.