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.
Meanwhile, the Aite Group also published this info graphic that illustrates how widespread credit card fraud is. In fact, nearly half of consumers (44 percent) in the United Arab Emirates have been hacked.