Research Shows Many Americans Fear Credit Card Fraud

Research Shows Many Americans Fear Credit Card Fraud

March 3, 2017         Written By John H. Oldshue

Data breaches rose 40% from 2015 to 2016, and this has left many Americans worried about credit card fraud. In fact, new research from Capital One shows 42.3% of their cardholders said superior fraud protection was the first or second most important feature when choosing a new rewards card.

Even with this concern, Americans still want credit cards. The Capital One Rewards Card Outlook found 32% believe a credit card can help them achieve their goals and dreams. Cardholders also want to take advantage of the latest technology. 40% of the respondents said they would prefer to keep their cards in a digital wallet. Millennials are especially eager to take advantage of this technology, as 58% of people in this age group said they want to use this feature.

Mobile wallets offer a number of security features. Wallets, such as the Capital One Wallet, offer instant purchase notifications so cardholders can tell if an unauthorized user is making a transaction on their card. It also allows users to lock and unlock their cards if they were lost or stolen. 13% of survey respondents had either lost or misplaced their credit card in the last year.

To cut down on credit card fraud, consumers should save their credit card receipts and compare them to their statement each month to help identify any fraudulent transactions. To assist cardholders, Capital One offers Second Look, a digital and mobile alert system that notifies cardmembers if a charge looks as if it might be a mistake. If the charge is incorrect or fraudulent, Capital One will help the cardholder resolve the issue.

The Capital Ones Rewards Card Outlook surveyed 1,000 Americans who have a travel rewards or cash back credit card.

The information contained within this article was accurate as of March 3, 2017. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.