Fraud is causing most online shoppers to use their debit and credit cards less, a new study said.
More than half (56%) of credit and debit cardholders in a survey, released Wednesday by Sparks Research and Fort Lauderdale, Fla.-based fraud prevention firm Tender Armor, said they shopped online less, reduced their card usage or closed card accounts after a fraudulent charge. The survey of 1,013 online shoppers during the first quarter of 2016 also found demand for data security is rising.
"Our study revealed that 78% of online shoppers want more protection for their payment card data when shopping online," Tender Armor CEO Madeline Aufseeser said.
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