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Fraud Report Compares Payment Options

An inaugural quarterly fraud-index report from online-payments provider 2Checkout identifies Discover and Diners Club credit cards as experiencing the most amounts of fraud and Acculynk payments as having the least fraudulent activity.

Discover and Diners Club scored a fraud-index rate of minus-75, indicating that consumers that use these cards are 0.75 percent more likely to initiate a fraudulent transaction than the average buyer, according to the report. By comparison, the index value was minus-43 for American Express cards, and minus-27 for Visa cards.

Conversely, Acculynk scored a plus-86 rating, meaning the payment service experienced 0.86 percent less fraudulent activity than the average buyer, while PayPal scored a plus-50 index rating and MasterCard a plus-21 rating.

For its research, 2 Checkout says it examined a sample of 1 million online transactions globally using a sophisticated tiered defense system that automatically flags fraudulent purchase activity at the time of sale.

Fraud is among the biggest security concerns among U.S. consumers, a recent report found. According to the 2014 Unisys Security Index, 59 percent of U.S. consumers are “extremely” or “very” concerned about having their card data stolen, which represents a 7 percent increase from 2013.

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The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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