Bangkok--9 Mar--Spark Communications
Visa survey finds one in five Asia Pacific consumers stepping up to combat card fraud Consumers believe they shoulder the most responsibility for preventing payment card fraud
Savvy shoppers in Asia Pacific keep clear of payment fraud with safe payment practices and believe they have a major role to play in keeping the payment environment secure, according to the Visa Asia Pacific Payment Card Security Study[1].
The Study found that the most popular prevention measures used by respondents in the last 12 months to keep fraud at bay were using Verified by Visa (32 percent), avoiding shopping at unfamiliar merchants (32 percent) and using different passwords/personal identification numbers (PINs) for different purposes (31 percent).
When asked who held the most responsibility for preventing fraud, the respondents said the consumer using the payment cards (19 percent) had the greatest role to play in stopping fraud, followed by payment card companies and payment processing companies (both 17 percent).
Somboon Krobteeranon, country manager, Thailand, Visa, said: “Payment security is a shared responsibility and our survey findings show many consumers in Asia Pacific are taking the lead in fraud prevention. Visa is helping consumers with payment security solutions and sharing its expertise with participants in the payment system to help keep fraud rates steady at near historic lows.”
Respondents were also polled on the main issues they had with information/payment card-related security. Password hacking (55 percent); identity theft via stolen personal items (50 percent); and ATM skimming (49 percent) were their top three concerns. In the Study, more respondents from Indonesia (52 percent) and Singapore (48 percent) felt vulnerable about payment card fraud.
Although respondents overall felt that cardholders were primarily responsible for preventing fraud, they also thought companies that process the transactions (27 percent) were the most at fault when fraud occurs. This is followed by merchants and retailers, and the consumer using the card (both 18 percent).
Payment security tools for consumers
Nearly one-third (31 percent) of respondents had used different passwords/PINs for a variety of purposes in the past 12 months as a way to protect their personal financial products such as ATM cards, debit cards, credit cards and online banking. The Study found that respondents on average change their passwords/PINs for financial products once every two to three months.
Mr. Krobteeranon said: “Most cardholders are familiar with the ease and security that passwords and PINs can offer. They can help protect cards from fraudulent use if stolen and allow merchants to verify the identity of the cardholder. The simple rules to observe with passwords and PINs are to change them regularly, use a different password or PIN for each purpose, and ensure you do not use words or numbers that are easily predictable. Security experts also advise that strong passwords should consist of random letters and numbers.”
Respondents said the most likely options they would consider over the next two years to help fight fraud were registering to receive alerts on their mobile phones (51 percent), registering to receive phone calls from the bank (48 percent) and only shopping with familiar merchants (46 percent).
About Visa: Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.. Corporate Backgrounder
For further press information please contact:
Tanyawan Surasarang or Warangkana Plungsiri
Spark Communications
Tel: 02 653 2717-9 Email:
[email protected]
Warangkana Paungsiri (Oh)
Account Manager
Spark Communications Co., Ltd.
11/F One Pacific Place 140 Sukhumvit Rd.,
Klong Toey, Bangkok 10110
Tel: 02-653 2717
Fax: 02-653 2720