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73% of Dubai consumers worried about card fraud

Survey shows more than a third of people say they would change their bank folliowing fraud.

Seven percent of consumers in Dubai had been the victim of bank card fraud in the past five years, according to the results of a survey released on Tuesday.

Dubai was found to have a low rate of card fraud compared to the US and UK, where 27 percent of respondents to the survey had been hit by card fraud, and Australia, China and Singapore, where 15 percent had been affected, the research by ACI Worldwide found.

However, Dubai consumers affected by fraud were found to be among the most unforgiving of their banks in the international survey, with 35 percent of respondents saying they were very unhappy with the treatment from their bank following an incident.

Thirty six percent of respondents said they would change their financial institution or credit card company following a card fraud, with 38 percent saying they would opt to use cash over card following a card fraud incident.

A total of seventy three percent of Dubai respondents said they were somewhat more worried about being a victim of card fraud during the economic slowdown.

More than 2,400 consumers across seven countries and the emirate of Dubai were surveyed by US electronic payment security firm ACI for the research.  Around 10 percent of those surveyed were from Dubai.

CHANNEL AWARD 2018