NEW YORK–(BUSINESS WIRE)–SmartMetric, Inc. (OTCQB: SMME) reported that in 2018, $24.26 Billion was lost due to payment card fraud worldwide. The United States leads the world in credit card fraud with 38.6% of reported card fraud losses in 2018.
Credit card fraud increased by 18.4% in 2018 and is still increasing.
Apart from the financial cost to card issuers and the time and expense of card fraud to the consumer from credit card fraud there is another serious cost that has had little reporting on. That is the “Emotional Cost” on the consumer victim of credit card fraud.
In research released by the Identity Theft Research Center titled the 2018 Aftermath Study, it is shown that profound emotional impacts to the consumer following credit card fraud incidents.
The research showed 85% victims of identity crime felt worried, angry and frustrated, while 83% felt violated. Another alarming impact on the fraud victim is that 69% said they could not trust others and felt unsafe.
Other emotional impacts on fraud victims are, feeling powerless or helpless, 67%. Feeling sad or depressed, 59%, while 55% felt betrayed.
The emotional impact on the victims of fraud support research that shows that one in four credit card users who have fallen victim to card fraud end up abandoning use of the bank’s credit card that was used fraudulently even after the card has been reissued.
Other research dealing with the behavioral impact following a card fraud incident…