New data reveals consumer concerns about credit card fraud
Digital wallets are of particular importance since 39 percent of survey respondents thought they lost or misplaced their credit card this past year
Compromised credit cards and associated data breaches continue to dominate the headlines. In fact, over the past two years (2014-2016), data breaches worldwide rose 46 percent from the year prior (2013), according to creditcard.com.
New data from the Capital One Rewards Card Outlook underscores consumer concerns about this alarming rise in card-related fraud. More than 40 percent (42.3 percent) of respondents said superior fraud protection was the top or second most important feature when considering a new rewards card in 2017.
According to the Rewards Card Outlook:
- Nearly 40 percent (39.8 percent) of rewards card holders would rather keep their cards in a mobile wallet. Millennials are even more eager to adopt this technology (58 percent).
- Digital wallets are of particular importance since 39 percent of survey respondents thought they lost or misplaced their credit card this past year.
- Nearly 13 percent (12.9 percent) actually lost their credit card in 2016 and nearly 25 percent (24.1 percent) had to get a new credit card issued due to fraudulent activity.