In the past five years, nearly one third or 29 percent of consumers have been victims of credit card fraud. Consumers across eight major economies were surveyed by ACI Worldwide. According to the survey, in summer 2009, the number of victims of card fraud was 18 percent which is equivalent to less than a fifth. Card fraud has therefore increased by 60 percent in 18 months.

According to the survey by ACI Worldwide (News - Alert), significant variations in the results are reported for different countries. As compared to 11 percent of card fraud victims in the Netherlands, China has nearly half or 43 percent of people as victims of card fraud. As compared to most countries surveyed, a higher instance of card fraud was found in the UK. In the past five years, 33 percent of the consumers were victim of card fraud in the UK. 18 months ago, however, the number of card fraud victims was at 27 percent. In the last five years, an estimated 14.6 million UK consumers have been the victims of card fraud.

4,200 consumers across 14 countries were surveyed by ACI Worldwide. A change or at least consideration for swapping of the financial institution was reported by 41 percent of the respondents. The reason for the change was attributed to being a victim of card fraud or knowing someone who was. Depending on the quality of service they received, a change would be considered by a further 45 percent.

The survey reported only 14 percent of UK consumers unhappy with the treatment they received. While this number was at 12 percent in the US and 10 percent in Australia, the number of unhappy customers was high in other countries. India reported 41 percent of unhappy customers while Dubai and Singapore reported 38 percent and 32 percent of unhappy customers respectively.

Calvin Azuri is a contributing editor for TMCnet. To read more of Calvin’s articles, please visit his columnist page.

Edited by Jennifer Russell