A recent research from payments & identity security firm SmartMetric shows profound emotional impacts to the consumer following credit card fraud incidents. 85 percent victims of identity crime felt worried, angry and frustrated, while 83 percent felt violated. Another alarming impact on the fraud victim is that 69 percent said they could not trust others and felt unsafe.USD 24.26 Billion was lost due to payment card fraud worldwide last year, according to the report. The United States leads the world in credit card fraud with 38.6 percent of reported card fraud losses in 2018.Credit card fraud increased by 18.4 percent in 2018 and is still increasing.Close Apart from the financial cost to card issuers and the time and expense of card fraud to the consumer from credit card fraud there is another serious cost that has had little reporting on. That is the “Emotional Cost” on the consumer victim of credit card fraud, highlighted the report. related news Removal of MDR charges on RuPay and UPI: Who gains? Grab and Singtel partner for digital full bank licence in Singapore Other emotional impacts on fraud victims are, feeling powerless or helpless, 67 percent. Feeling sad or depressed, 59 percent, while 55… Read full this story
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“Emotional Cost” on consumers the biggest fallout of credit card fraud have 299 words, post on www.moneycontrol.com at December 31, 2019. This is cached page on wBlogs. If you want remove this page, please contact us.