Identity Theft Articles

Report: Consumers Satisfied With Fraud Resolutions

Victims of data compromise or fraudulent credit card use were satisfied with the issuing bank’s response.

A new report by Auriemma Consulting Group showed that victims of data compromise or fraudulent credit card use were satisfied with the issuing bank’s response.

More than a third of respondents reported being a victim of some kind of fraud, according to ACG's Cardbeat report. Seventy-four percent of these people said they were "very satisfied" with the card issuer's response, while 19 percent were "reasonably" satisfied. All of these numbers show an increase over previous years.

"It is particularly noteworthy that consumers are willing to say something positive about banks, in light of the current negative sentiments many have about credit card issuers," Nancy Stahl, editor of Cardbeat, said. "Credit card fraud will never disappear entirely; however, tools are rapidly being developed that will help consumers and institutions continue to minimize the severity and likelihood of these instances."

Cardholders have increasingly acknowledged efforts by banks to prevent identity theft and credit card fraud, according to the report. Those who have been compromised also showed higher levels of trust in banks to protect their information than those who had not.

The Federal Trade Commission advises that consumers protect their credit and debit cards by keeping their personal identification numbers a secret, reading monthly statements carefully and reporting mistakes or discrepancies as soon as possible.