While the survey found that globally 21% of cardholders who experienced fraud would switch to a different issuer afterwards, just 3% of Australians would make a change.

“Apparently, the Aussies are far more forgiving or just don’t expect better treatment from another company,” the survey said.

But the former is a more likely explanation than the latter, with only 14% of us unhappy with their credit card issuer.

In comparison, 63% of Indonesians, 60% of Indians and more than 50% of Chinese respondents were dissatisfied with the service they got from their credit card companies.

Where We Stand With Fraud

ACI Worldwide’s latest survey puts Australia in the eighth spot when it comes to credit card fraud, with 31% of respondents saying they had experienced fraud.

Fortunately that is a far cry from the 44% in Mexico, the 42% in the United States and even the 34% in the UK. On the other hand, countries with better prospects than us include:

• Singapore (26%)
• South Africa (25%)
• Canada (25%)
• Indonesia (18%); and
• Germany (13%)

Interestingly, it is actually our credit cards – not our debit cards – that are most likely to come under fire from fraud: only 9% of Australian respondents said they had experienced debit card fraud in the past five years.

While the same can be said for almost every country in the survey, this figure is still relatively compared to other countries, tying with the Netherlands and slightly higher than Indonesia (8%) and Germany (9%).

Australians were also likely to keep using credit after fraud problems, with only 6% saying they switched to cash or another alternative payment option.

Adding to our laidback stereotype is the fact that more than half the respondents (58%) said they made no change to their spending habits after fraud had occurred.

Other countries in the Asia-Pacific were more conservative: India led the way with 25% saying they switched from card to cash, followed by 16% of respondents in China, 12% in Indonesia and 8% in Singapore.

Reducing The Risks Of Fraud

While you could easily see the glass has half full with 31% of people experiencing fraud in a five-year period, the skills of fraudsters are improving and card fraud is growing.

ACI Worldwide’s Senior Vice President, Payments Fraud, said the results of this survey show how important it is for financial institutions and retailers to stay on top of fraud threats and “earn the trust of customers by working with them to combat fraud.”

“The results of this survey show that card fraud continues to be one of the greatest threats and concerns for consumers, financial institutions and retailers,” he said.

“While there have been significant advances in fraud prevention technology, it is clear that more needs to be done to educate consumers about fraud and engage them as allies when it occurs.”

Unfortunately education does not seem to be a priority in Australia, with 39% of respondents claiming they had not received any information on fraud.

The most popular methods for sending out information seem to be by mail (29%) and on issuer websites (17%), but there is definitely room for improvement here.

The report claims that “risky behaviour” by cardholders is a serious factor throughout the Asia-Pacific region.

One of the most common mistakes is throwing out mail from the bank that may have personal details and account information that can be used for fraud and identity theft.

“In addition, too many consumers continue to take other risky actions—such as writing down their PIN and carrying it with their card or shopping online on a public computer—for us to perceive the educational messages financial institutions are trying to convey as effective,” the report said.

From the results in this survey, it seems it is best to take a proactive approach to fraud if you are concerned about it.

Logging onto your issuer website, calling them or going into a branch to discuss fraud issues and procedures is one of the best ways to develop a better understanding of the risks and how to reduce them.

There is also a wide range of resources online and via government sites like SCAMwatch that can help you keep up-to-date with how fraudsters are targeting cardholders.

Whether you have experienced fraud in the past, or are worried about becoming a victim in the future, learning more about the issues will help you approach any problems with a clear mind.

That way you can keep calm and carry on using credit as much or as little as you want.