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Shoppers help check card payment fraud
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Friday, 05 March 2010 07:10
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SINGAPORE – Shoppers in the Asia Pacific keep clear of payment fraud with safe payment practices, according to a recent study by Visa Asia Pacific Payment Card Security.
The study found that the most popular prevention measures used by the shoppers in the last 12 months to keep fraud at bay were using Verified by Visa (32%), avoiding shopping at unfamiliar merchants (32%) and using different passwords or personal identification numbers (PINs) for different purposes (31%).
Over 5,000 respondents
In a statement Thursday, Visa said the study conducted last year involved over 5,500 cardholders aged 18 to 65 years from 11 countries and territories - Australia, China, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Singapore and Taiwan.
 When asked who held the most responsibility for preventing fraud, the respondents said the consumer using the payment cards (19%) had the greatest role to play in stopping fraud, followed by payment card companies and payment processing companies (both 17%).
Visa's risk management regional head Mike Smith said payment security was a shared responsibility and its survey findings showed many consumers in Asia Pacific were taking the lead in fraud prevention.
According to a Bernama report, Smith said Visa was 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.
Password hacking top worry
Respondents were also polled on the main issues they had with information or payment card related security.
Password hacking (55%), identity theft via stolen personal items (50%) and automated teller machine (ATM) skimming (49%) were their top three concerns, the study said.
Although respondents overall felt that cardholders were primarily responsible for preventing fraud, they also thought companies that process the transactions (27%) were the most at fault when fraud occurs, followed by merchants and retailers, and the consumer using the card (both 18%). - Malaysian Mirror
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Last Updated on Friday, 05 March 2010 07:34 |
