Most Cardholders Don't Notice Fraudulent Transactions, Research Says

Most Cardholders Don't Notice Fraudulent Transactions, Research Says

Based on a research by CPP, aorund 33 percent of cardholders do not have any idea if their account has been used for fraudulent transactions.  The research further concluded that cardholders mostly could not determine any type of transactions on their bills. 
 

Of those who admitted they are naive about how their accounts are being operated, about 50 percent don't even care to probe cases of unknown activities. This is in contrary to the fact that 70 percent of cardholders anticipate possible illegal dealings on their accounts. 

 

This is widely attributed to mere negligence, or card account owners have been previously preyed by fraudsters. On the other hand, cardholders account unjustified transactions to incorrect data handed to process payments or tradings. 

 

CPP fraud expert Michael Lynch said, "Criminals do benefit from complacent attitudes to card security and it is not uncommon for fraudsters to make small transactions of a few pounds to ‘test the water' before going on to purchase something expensive."

 

"It's particularly concerning that cardholders are unable to identify exactly where money is going each month from their bank accounts. It's all too easy to become lax with our card security as we use credit and debit cards more and more. But it's essential that we regularly, and thoroughly, check our statements to not only stay on top of our finances, but to ensure the early detection of fraud."