Chipped cards among best defenses against online fraud, study participants say

by Robert Hadley | Oct. 19, 2017, 1:32pm |

The threat of online security breaches and identity theft doesn’t seem to be having an effect on consumer behavior, according to a recent Socratic Consumer Survey, sponsored by payment processor Vantiv, which has offices in Denver.

In the survey of 500 consumers, 68 percent of respondents reported shopping online at least once a month, with 42 percent having encountered unauthorized charges on a debit or credit card, according to a press release.

The responses were divided, however, when it came to assigning blame for online fraud. Seventy-one percent of the respondents blamed the banks issuing credit cards, while 72 percent found fault with the lax security practices of consumers, the company reported.

Among the consumers surveyed for the study, 60 percent said they keep their computer software up to date, and 68 percent admitted to auditing their online transactions to spot fraud.

Forty-nine percent of the respondents ranked chip-enabled cards as the best defense against theft. Digital payments, nonchipped cards and mobile apps were ranked as other safest methods of payment.

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Vantiv Inc

8500 Governors Hill Dr
Cincinnati, OH 45249

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