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<\/a><\/a>\nCapco surveyed a representative sample of 1,000 US consumers between the ages of 18 and 75 years to capture their payment fraud experiences and relevant attitudes, including expectations around reimbursement and the desired balance between security and convenience.<\/p>
\nAlmost half of the survey respondents (49%) said they had experienced attempted payment fraud over the past two years, most notably in the form of purchases they did not make (45%); other fraud types included phishing (36%), card or card data theft (33%), fake online stores (27%), push payment fraud (26%) and account takeover (25%).<\/p>
\nNine out of ten respondents remain either very confident (53%) or somewhat confident (37%) that their primary financial institution will protect them. However, with fraudsters and cybercriminals turning to AI to enable their exploits, consumers worry that accounts are becoming more vulnerable.<\/p>
\nA majority (69%) of respondents are concerned about \u2018deep fake\u2019 technology\u2019s impact on voice biometrics and facial ID: 24% consider them \u2018not entirely secure\u2019, 6% feel these authentication methods are now \u2018insecure\u2019, while 39% worry they will come \u2018under future threat\u2019. 89% of respondents worry that online personal data could make impersonation easier or reveal answers to security questions.<\/p>
\nMatthew Cohn, Partner & US Head of Banking & Payments at Capco, said:<\/b> \u201cPayment fraud in the US is becoming more organized, automated and sophisticated, with scammers increasing their use of modern technologies and AI-enabled tools. Our US Payment Fraud survey highlights the value consumers put on security and advanced fraud protection, as well as their concerns about key defenses including some forms of biometric authentication. Banks must move faster to detect and mend gaps emerging in their defenses as fraudster capabilities evolve ever more rapidly. With our deep industry knowledge, advisory expertise and innovation experience across technology, data and AI, Capco is ideally placed to help banks to navigate these complex challenges and achieve measurable outcomes with confidence.\u201d<\/p>
\nCapco\u2019s associated US Payment Fraud<\/a> report published today explores trends across five key types of fraud and offers recommended paths to counter emerging threats. These include new forms of multilayered defenses, improved coordination of internal teams, cross-institution information sharing, detection gap analysis, and AI-enabled real-time detection tools.<\/p> \nOther key findings in Capco\u2019s US Payment Fraud survey include:<\/p> \nWhen it comes to balancing security and convenience, the largest percentage of respondents (42%) say security is their absolute priority.<\/b><\/p> \n40% find complex passwords frustrating or inconvenient to use and 32% say the same about being sent security codes (e.g. multi-factor authentication).<\/b><\/p> \n62% say their financial institution has provided them with information about deepfake threats and how to reduce associated risks.<\/b><\/p> \nSecurity (63%) and advanced fraud protection (50%) are the most frequently cited \u2018important factors\u2019 [four selections permitted] when respondents are choosing a financial institution offering payment services. Other considerations include:<\/b><\/p> \nGregg Henzel, Managing Principal, US Financial Crime, Risk, Regulation and Finance at Capco, said:<\/b> \u201cFraudsters are selling data, services and tools to each other as they build an AI-enabled criminal industry on a global scale. To strengthen defenses and preserve consumer trust, banks and other payment institutions must adopt a coordinated stance across each enterprise, the wider financial sector and other relevant industries. Keeping ahead in the arms race will mean constantly improving multi-layered defensive strategies, aligning internal teams, sharing more data and information with internal and external partners, selecting best-of-breed vendors, and embedding AI-powered analytics that draw on many different data dimensions to support real-time and near real-time decisions.\u201d<\/p> \nCapco\u2019s full US Payment Fraud report can be downloaded here<\/a>.<\/p> \nAbout Capco<\/b><\/p> \nCapco, a Wipro company, is a global technology and management consultancy shaping change in the financial services and energy industries. For almost 30 years, we have been trusted to help our clients adapt, transform and create long-term value across capital markets, banking, payments, insurance, wealth and asset management, and the energy and utilities sectors. Our deep industry expertise, partnership mindset and award-winning Be Yourself At Work culture are amplified by our strengths in advisory, technology, data and AI innovation. We support our clients to establish clear priorities, connect vision to value, and deliver measurable impact when the stakes are highest. Expert-led, AI-infused, impact-focused \u2013 we <\/b>do not just respond to change, we help shape it. To learn more, visit www.capco.com<\/a> or follow us on LinkedIn, Instagram, Facebook, and YouTube.<\/p>\n
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