Thursday, October 3, 2024
Chubb surveyed 2,600 consumers in eight countries—the United States, Mexico, Brazil, Indonesia, Singapore, the Philippines, Thailand and Vietnam—about nine different types of scams. All had made at least one digital payment in the past year, and 63 percent had been victims of cyber scams, or knew someone who had been victimized.
"The impact of this fraud extends beyond financial losses, eroding trust in payment platforms, hindering adoption," Chubb said in a statement detailing the survey results.
Surveyed consumers said they were most troubled by phishing/vishing and impersonation scams, as well as fake product or service purchases. Here are some specific results:
The Chubb survey comes on the heels of the 2024 ACI Speedpay Pulse Report, which revealed that more than three-quarters of Americans now prefer to pay their bills digitally. However, with increased use of digital payments come heightened risks: almost one in five consumers has fallen prey to online identity theft, ACI Worldwide reported.
The solution, suggested Ron Shultz, general manager of ACI Speedpay, may come from leveraging artificial intelligence.
"The surge in digital payments adoption presents promising growth opportunities for billers, but the threats of online identity theft and other risks continue to burden consumers," Shultz said. "This creates a prime opportunity for billers to enhance their payment capabilities with advanced AI-powered fraud management solutions and double down on fraud awareness to create a differentiated and secure customer experiences."
Highlights of ACI's survey findings include the following:
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.