Indian consumers are ‘significantly’ more
proactive in combating card fraud than any other market in
Asia-Pacific, according to the Visa Payment Card Security
Study.
Payment card fraud was ranked as the fourth
biggest financial security concern among consumers in India, with
46% of respondents revealing they are ‘extremely’ or ‘very’
concerned about the threat of fraud. The study also showed that
Indians have the highest levels of perceived vulnerability to card
fraud with 29% feeling ‘extremely vulnerable’
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“Visa is an extremely proactive partner in the
payment security debate worldwide,” said Michael E. Smith, head of
risk, Visa International.
“Research such as this into consumer behaviour
in different markets gives us key data about attitudes towards risk
and security as we take forward innovative solutions to enhance and
increase security and trust all aspects of card payment
transactions.”
Visa’s study found that Indian consumers
represent some of the most likely in the Asia-Pacific region to
adopt payment card fraud solutions. 37% use different
passwords/PINs for different purposes and 51% – the highest level
in the region – change their PINs/passwords regularly as a
preventative measure against possible fraud attacks.
When Visa asked those surveyed what actions
they would take in the future to prevent card fraud, 67% said they
would register for mobile phone alerts – the second highest figure
in the Asia Pacific region.
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By GlobalData
