Latest Data Confirms Credit Cards as Most Secure Payment Method

Data shows 9 in 10 consumers ‘Extremely’ or ‘Very Satisfied’ with fraud responses

Credit cards were ranked as the most secure payment method by consumers, who rely on credit cards for fraud prevention and response measures, according to data compiled by the Electronic Payments Coalition. Credit card networks, like Visa and Mastercard, invest billions of dollars into security measures to stay a step ahead of hackers and criminals. These investments led to these networks blocking more than $60 billion in fraud last year, saving U.S. households hundreds of dollars.

The Durbin-Marshall credit card mandates would jeopardize Americans’ security and fraud protections by requiring credit cards to run on untested, unknown networks. It is unlikely these networks have invested the same amount into advanced security systems or would offer consumers the zero-liability fraud protections credit card holders benefit from today. When similar mandates were placed on debit card transactions, fraud increased on debit card transactions and academic research suggested if the Durbin-Marshall mandates were to go into effect, fraud would be double that of 2021 levels. 

“American households trust the current credit card processing systems because it works,” said EPC Executive Chairman Richard Hunt. “Credit card networks and issuing banks are on the front lines protecting consumers against fraud, leveraging state-of-the-art tools and technology to stop ever-evolving fraud and phishing scams. Corporate mega-stores on the other hand have experienced data breach after data breach, showing they are willing to cut corners when it comes to security. Why should Americans have to put their financial security at risk because a handful of politicians want to help corporate mega-stores pocket more money.”