Global research commissioned by Adyen, the global financial technology platform of choice for leading businesses, has found that over one in five (21%) people in Canada have been victims of payments fraud. On average, the victims were defrauded $264.90 each.
With fraud on the rise, consumers are responding – 59% believe that the risk of fraud is making shopping online a less attractive proposition, while 73% want retailers to better communicate the efforts they take to protect consumers from fraud.
More than a third of retailers (23%) admit that fraudsters have targeted their business by establishing a replica website to intimidate their brand and trick their customers and 30% said that fraud attempts have increased in the past year. Worryingly, only 55% of retailers believe their fraud prevention systems are effective.
As inflation and the cost of living soaring for consumers, and making things even more difficult for retailers, neither can afford to fall for scammers’ traps. The poll of 2,000 consumers and 500 retailers in Canada explores the extent in which payments fraud is impacting consumers and businesses.
Additional highlights from the research include:
- Only 36% of consumers look at the website’s URL to make sure it isn’t suspicious before making a purchase
- 28% of consumers like it when retailers ask them to prove their identity (using two factor authentication) as it gives them confidence
- 34% describe themselves as conservative towards new payment methods because of fear of fraud
- 30% don’t enable their devices to remember payment details because they are worried about fraud
- Only 23% of retailers are investing fraud prevention and risk management systems in 2023
- 32% of retailers say fraudulent transactions and chargebacks are a significant cost for the business
- 28% of retailers say they are doubling the headcount of their fraud and risk team in 2023
You can download the full report here.
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This entry was posted on May 23, 2023 at 4:13 pm and is filed under Commentary with tags Adyen. You can follow any responses to this entry through the RSS 2.0 feed.
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1 In 5 Canadian Shoppers Fall Victim To Payments Fraud Losing An Average Of $264.90 Each: Adyen
Global research commissioned by Adyen, the global financial technology platform of choice for leading businesses, has found that over one in five (21%) people in Canada have been victims of payments fraud. On average, the victims were defrauded $264.90 each.
With fraud on the rise, consumers are responding – 59% believe that the risk of fraud is making shopping online a less attractive proposition, while 73% want retailers to better communicate the efforts they take to protect consumers from fraud.
More than a third of retailers (23%) admit that fraudsters have targeted their business by establishing a replica website to intimidate their brand and trick their customers and 30% said that fraud attempts have increased in the past year. Worryingly, only 55% of retailers believe their fraud prevention systems are effective.
As inflation and the cost of living soaring for consumers, and making things even more difficult for retailers, neither can afford to fall for scammers’ traps. The poll of 2,000 consumers and 500 retailers in Canada explores the extent in which payments fraud is impacting consumers and businesses.
Additional highlights from the research include:
You can download the full report here.
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This entry was posted on May 23, 2023 at 4:13 pm and is filed under Commentary with tags Adyen. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.