02/17/2022

New FICO Survey Finds Overconfidence Could Put US Consumers at Risk From Scams

Yahoo Finance

US consumers are more worried about identity theft than scams, with 1 in 4 saying they would switch banks when dissatisfied with the response to a fraud incident

Highlights:

• FICO today released its Digital Consumer Banking and Fraud Survey examining the current state of consumer financial fraud and what banks can do to help protect against the latest threats

• U.S. consumers are most concerned about having their stolen identity used to open an account (28%); account takeover fraud (26%); and card fraud (22%)

• Nearly one in four (28%) U.S. consumers say they would switch banks if they are dissatisfied with how the bank responds to their fraud case

• While consumers in the older age brackets are often the target of fraud, the research suggests that globally they appear less concerned about it compared to their younger counterparts

SAN JOSE, Calif., February 16, 2022--(BUSINESS WIRE)--FICO, a leading applied analytics company, today released the findings of its Digital Consumer Banking and Fraud Survey examining the current state of consumer financial fraud. The research suggests that consumers globally and, in the U.S., can be too complacent about the risk certain fraudsters pose, with only 5% worrying about real-time payment fraud, and unwilling to accept new fraud management measures if it creates too much friction in the purchasing process and affects the customer experience. ​