While the higher volume of shopping that occurs during the holiday season is a boon for retailers, comprising as much as 30% of their annual revenue, it can also amplify the chances of fraud, as consumers’ payment information is used across more transactions than usual, according to a report from Terbium Labs sent to Business Insider Intelligence.
And this is bad news for banks, as they’re the most likely targets of blame once a breach compromises their customers’ personal data: When asked who they’d hold responsible if their financial data was exposed, 17% of US consumers? said they’d hold their financial institution (FI) solely responsible, and 51% would blame both their FI and the original source of the breach (e.g. the retailer).
Fraud is top of mind for consumers going into the holiday season, but they are largely confident in their bank’s security measures for now. When asked about the types of fraud they are most concerned will occur during the coming holiday season, only 11% of US consumers? said none, respondents’ least popular answer, while card skimming was the most popular response, with 42% concerned about this type of… Business Insider