AUSTIN, Texas, May 12, 2017 /PRNewswire/ -- Credit and debit card fraud alerts are up 15% from two years ago, according to a new CreditCards.com report. 31% of U.S. adults have received a fraud alert regarding a credit card and 25% have received one concerning a debit card. Click here for more information:
37% who have been contacted about potentially fraudulent transactions say all of the transactions were entirely legitimate purchases. Another 15% say most were legitimate.
Despite the ubiquity of text messages and emails, most fraud alerts are still delivered by old-fashioned phone calls. 53% who have received a fraud alert report the most recent alert was delivered by a call, followed by 15% who had their card declined at the point of sale. Just 14% received a text message and 12% got an email.
The lack of texts is particularly surprising because Visa- and MasterCard-branded cards are now required to let cardholders opt-in to receive alerts via text messages (as of October 2016 and April 2017, respectively). And while many 18-26 year-olds could hardly survive without their phones, they're actually the least likely to receive fraud alerts by text (just 6% who have received a notification say the most recent one came via text).
The likelihood of receiving a fraud alert increases with income. 68% of those with annual household income of $75,000 or more have received one versus just 40% of those with income between $30,000-$49,999 and 26% with income under $30,000.
The same is true of educational attainment: 65% of college graduates have gotten a fraud notification, compared with 49% who attended some college and 25% who have a high school education or less.
"Fraudsters seem to be swinging for the fences, focusing their efforts on high-value targets," said Matt Schulz, CreditCards.com's senior industry analyst. "And it's not only more affluent and more educated households. Credit card limits typically exceed checking account balances. I think that's why credit card fraud alerts outpace debit card alerts even though debit transactions outnumber credit transactions 2-to-1."
The survey was conducted by Princeton Survey Research Associates International. PSRAI obtained telephone interviews with a nationally representative sample of 1,000 adults living in the continental United States. Interviews were conducted by landline (500) and cell phone (500, including 322 without a landline phone) in English and Spanish by Princeton Data Source from April 20-23, 2017. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.8 percentage points.
CreditCards.com is a leading online credit card marketplace, bringing consumers and credit card issuers together. At its free website, consumers can compare hundreds of credit card offers from America's leading issuers and banks and apply securely, online. CreditCards.com is also a destination site for consumers wanting to learn more about credit cards. Offering advice, news, features, statistics and tools, CreditCards.com helps consumers make smart choices about credit cards. In 2016, over 35 million unique visitors used CreditCards.com to find the right credit card to suit their needs.
For More Information:
Public Relations Director
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/credit-debit-card-fraud-alerts-up-15-since-2015-300456415.html