Identity Theft and Credit Card Monitoring Consumer Shopping Study: 2022

Scott Repasky
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Credit Card and Identity Theft & Fraud: A Growing Problem

Imagine going to a major department store to make a simple purchase ?nd being asked for photo ID to make the purchase. This is because identity theft and credit card fraud are big problems for major department stores, department stores, retailers and shopping centers. They have gotten more proactive to prevent this crime and to limit the damage if they do get hit. They also need to fill the week in their retail credit card monitoring programs (CCMP) to avoid fines from the federal Fair Credit Reporting Act (FCRA). In some states, these retail stores have gotten in trouble for not having a good FCRA compliance program.

In a Consumer Shopping Study conducted by NexusCard in February 2010, it was revealed that:

  • Over three-quarters of consumers (77%) said they knew someone who has been affected by credit card / identity theft.
  • Almost half of U.S. consumers (45%) have experienced some form of identity theft. Some reports have this number as high as 70%.
  • Over 40% of consumers reported being a victim to some form of identity theft.
  • One in four consumers polled for a Consumer Shopping Study in 2007 said they had at least one credit card canceled by a credit card issuer because of suspicious activities.

High Interest in Monitoring and ID Protection Services

How Well Do Consumers Believe These Protections Work?

Although consumers believe these protections do work effectively, the FTC study showed consumers remain concerned about many simple and easy ways an ID thief can scam them out of their money. This is why identity protection software and credit card monitoring rank as the most popular ways to protect your identity. These strategies are also the most effective when used together.

According to the survey:

  • Rebates are the second most popular method of identity or credit card protection.
  • 21 percent of adults are using identity protection software of some type, up from 18 percent in 2015 and 13 percent in 2014. However, only 12 percent are using credit card monitoring and protection.
  • The number of credit monitoring services has increased significantly from 6 percent in 2014 to 14 percent in 2015 and now 17 percent in 2016. Year over year growth is most impressive for the spending component: 15 percent in 2015, and 20 percent in 2016.
  • Consumers are studying their personal information in detail.
  • 56 percent of consumers are more interested in taking more control over their personal information.
  • Over 50 percent feel like they need to do more about managing their information.
  • 30 percent are more concerned about managing their personal information in comparison to others.

Methodology

To discover what consumers are most concerned about regarding identity theft and shopping online, we surveyed 500 US consumers with online shopping experience between the ages of 18Äì54 who have visited a retail store in the last month via SurveyMonkey Audience. We asked them about the recent shopping experience they had and asked two questions in particular:

  • How often do you check your credit card statement to see if there have been fraudulent charges made? (Please exclude authorized charges)
  • When shopping online with a credit card, how often do you check the account to ensure it's a secured or safe transaction environment?

We asked these two questions to determine what consumers are doing when they shop online, what they feel is most important to them, and what they are concerned about when shopping online.

Need additional insights for a story?

I have recently been interviewed for an article on "identity theft and credit card monitoring consumer shopping study". I’m a business owner and mom who is extremely concerned about identity theft. My credit report has long been a disaster and I want some help making it right. I have had some small successes in this area!

I thought I would share my two cents and the various ways I have attempted to repair the damage. Here's what I wrote:

“I have been concerned about identity theft for awhile. I have done everything from watch every credit application my husband and I had, join credit unions, freeze my credit, pay down every debt we have and try to do things to get my credit score up.

After my identity was stolen a few years ago, I waited about 7 months for copies of the charges that were associated with the charges that were placed on my credit card and in my name. I personally wrote a letter to the credit card company with a copy of my drivers license confirming that I was not the person that applied for the card.