As the holidays approach, more and more consumers are clutching their purses and wallets. But that anxiety has little to do with budgetary constraints. In fact, according to a recent Gallup spending forecast, retailers can expect an above-average shopping season this year.
The thing that’s got consumers on edge these days is digital fraud.
Gallup first started asking consumers in 2000 about their worries around the interlocking of technology and credit. The results from this year’s annual Crime Poll, though, are particularly noteworthy: More than two-thirds of those who were surveyed said they were apprehensive about having their credit card accounts compromised. Almost as many said they’re concerned about smartphone and computer hacking.
Our preoccupation with cybercrime has swelled so that it significantly overshadows our fears of being mugged, becoming the victim of a terrorist attack or having our houses burglarized. But less than half of those who’ve had their accounts hacked take the time to file police a report, while more than two-thirds of all mugging and burglary victims do so as a matter of course.
There are also certain age and household income disparities. For example, those who are most nervous about these crimes are between ages 30 and 64, and earn more than $30,000 per year. But the prize for the most freaked out goes to 50- to 64-year-olds whose earnings exceed $75,000.
Although I can identify with that demographic, frankly, I would describe myself as being more annoyed than anxious.
To be sure, a hacked credit card is a pain in the neck. But it’s not the end of the world. I’ve had cards take a dirt nap when I was attempting to check out of a hotel, book a flight and buy groceries. In each of those cases, however, the fraudulent charges that prompted the issuers to cancel my cards were promptly wiped from the record, thanks to the Fair Credit Billing Act.
Under the FCBA, consumers are entitled to…
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