Security News > 2021 > May > Do consumers now feel more exposed than ever to the risk of fraud?

The company surveyed 2,000 consumers across the United States and United Kingdom about their experiences and attitudes toward payment fraud and how they felt about the threat of fraud in the aftermath of COVID-19.

The results show that worry about fraud has risen to extreme levels and consumers feel their increasingly digital lives are putting them more at risk.

67% of all consumers surveyed said they think shopping online more during COVID-19 has put them at a higher risk of fraud.

The number of times consumers have been affected by fraud has also seen an uptick this year: 52 percent of consumers surveyed who reported being affected by fraud said they were impacted two or more times compared to 48 percent in 2020.

"The population feels more exposed now than before COVID-19, in turn making consumers more hesitant to try new payments technologies. It's forcing financial services to step up both the fraud services they offer and how they communicate them to their customers," said Vidya Peters, CMO at Marqeta.

The survey showed one age group in particular - consumers aged 18-34 years old - was impacted by fraudsters at exponentially higher rates: 69 percent of respondents in this age group who reported having been victims of fraud said they were affected within the last 12 months, compared to 48 percent of total respondents, making them 40% more likely to be impacted by fraud in the last 12 months.

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