A significant number of consumers are concerned about credit card fraud, particularly in light of recent, high-profile data breaches disclosed by Home Depot and Target, according a survey released by FICO.
The San Jose, Calif.-based credit firm found that 70% of the survey's respondents in the U.S. are worried about payment security, as well as 75% of Canadian respondents and 66% of respondents from the U.K.
Most of the consumers surveyed cited the amount of time it takes to remedy fraud issues as their primary reason for concern. In the U.S., this was a concern for 68% of respondents; in Canada 60% cited this concern and in the U.K. it was 51%.
"The steady drumbeat of news about massive security breakdowns has eroded public confidence in institutional data security," said Anant Nambiar, FICO's general manager for fraud and protection, in a Nov. 25 press release.
Most consumers surveyed also expressed interest in using mobile apps to control their transactions, such as specifying whether credit cards could be used in stores or online.
"Consumers around the world clearly have an appetite for stronger payment card security," Nambiar said in the release.