1 in 4 Singaporeans victimized by credit card fraud

8% were traumatized as they started to use cash rather than cards.

According to Aite and ACI Payment Systems' "Global Consumers React to Rising Fraud: Beware Back of Wallet" study, consumers experience debit card fraud worldwide as well, with somewhat similar geographic distributions as credit card fraud. Overall, instances of debit card fraud lag behind instances of credit card fraud, but there are exceptions.

Here's more from Aite and ACI:

Cardholders in the Asia‐Pacific reacted differently from country to country after experiencing fraud on their cards. In Australia and Singapore, a very low percentage of respondents cite using cash or alternate payment methods in all situations, with 6% and 8% respectively saying they did so; further, 58% and 45% respectively state that they made no change in their payment behavior
following the fraud behavior.

To understand the impact of replacement cards that are issued to cardholders due to a data breach or fraudulent activity, the study asked respondents about their usage of replacement cards they received within the past year.

Cardholders reacted very differently from one Asia‐Pacific country to another. In Australia, only 37% of cardholders say they used the replacement card less than the card it replaced, followed by Singapore, with 51% using the cards less frequently.

Cardholders in China, India and Indonesia are more conservative in using the replacement cards, with 73% to 78% of respondents using them less than the cards they replaced. This represents a significant impact on payment behavior which card providers should note and react to because this back of wallet behavior results in a negative impact on their revenue stream.

10% of Singaporean respondents were not at all happy with how their financial institutions treat them. 40% changed card providers after experiencing fraud. 8% of them started to use cash or alternate payment method rather than their cards after experiencing fraud.

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