October 29, 2024

Feedzai, a global leader in the fight against financial crime, reveals in its survey that half of French citizens would be more comfortable using fingerprint scanning to secure their banking transactions.

Paris, France – 29 October 2024Feedzai, the world’s leading RiskOps platform, offering AI-powered solutions to protect people and payments against financial crime, reveals that 42% of French citizens will use fingerprint authentication to secure their payments, especially among the younger generation aged 18-34, where the rate is 56%. While 32% of respondents prefer facial recognition, this percentage rises to 45% among younger people. As financial crime and fraud evolve with technology, these figures show that the French population seeks more technological support to combat fraud.

This study, conducted with 1,000 French individuals aged 18 and over from July 24 to 29, 2024, aims to understand the French people’s relationship with fraud, assess the level of prevention in place, and measure the role banks should play in fighting fraud.

“The survey results clearly show that French consumers are ready to adopt advanced technologies such as biometrics to strengthen their banking security,” said Pedro Barata, Chief Product Officer at Feedzai. “At Feedzai, we are committed to developing solutions that not only meet these ever-evolving expectations but also enable banks to proactively fight fraud while providing a seamless customer experience.”

57% of French citizens report being victims of fraud or attempted fraud.

Phishing (33%) and email or SMS scams (27%) are the two types of fraud that have most affected the French population. Additionally, 20% have been victims of credit card fraud. Despite fears, only 4% report being victims of identity theft, with a 7% increase in cases among French individuals aged 18-34.

Among the most feared types of fraud, 69% of French people fear becoming victims of identity theft, especially those over 65 years old (78% of them). Meanwhile, 49% are worried about AI-generated scams, and 43% fear instant payment fraud, although this type of payment is still relatively underutilized.

“The French are clearly concerned about fraud, and they expect their banks to play a leading role in prevention and assistance. The strong preference for biometric security aligns perfectly with Feedzai’s approach, which empowers banks to offer cutting-edge technology that builds trust and protects customers throughout their digital journey,” said Michèle Hallak, Regional Director for France at Feedzai.

Despite the fear of being a victim of fraud, a quarter of French citizens feel very confident or extremely confident in their ability to identify and avoid fraud. This confidence is stronger among younger people and men. To protect themselves, 81% of French people are wary of unsolicited emails, calls, or texts, 77% monitor their bank statements, and 69% avoid sharing personal information online.

Additionally, 50% have decided to implement strong passwords, and 47% use antivirus software.

68% of French citizens would be willing to accept two or more steps to enhance the security of their banking transactions, a point on which the majority of French citizens seem to agree. Nearly half of French people would be willing to share more personal data with their bank if it would improve fraud detection and prevention. This intention is stronger among younger people, men, and higher-income individuals.

8 out of 10 French citizens have confidence in their bank to effectively resolve issues in the event of fraud

Only 4% of French people have no confidence at all in their bank when it comes to handling fraud.Additionally, one-third of French citizens are extremely or very satisfied with their bank’s fraud prevention measures. Men and highly educated individuals are even more satisfied with their bank’s measures than the rest of the French population.

However, to improve fraud prevention and protection, French citizens expect the following from their banks:

  • Reimbursement of losses due to fraud (66%)
  • Faster detection and resolution of fraud (42%)
  • 24/7 support and assistance (42%)
  • Software to monitor bank transactions (29%)
  • Proactive alerts and notifications in case of fraud (28%)

People aged 18 to 34 show a greater interest than the rest of the population in proactive fraud management, particularly through education and personalized advice from their bank. In contrast, older individuals place more importance on bank support in the event of fraud and reimbursement for financial losses. Those over 65 are also more likely to want their bank to implement software that monitors transactions and helps prevent fraud.

The French are not unanimous when it comes to sharing responsibility in the event of fraud. 38% believe that responsibility lies with the platform where the fraud originated, while the rest believe responsibility is shared between the victim and the bank.

The French are quite vigilant in monitoring their accounts.

Even though 92% of French citizens remain mostly loyal to traditional banks, modern trends—correlated with both age and new technologies—mean that less than 10% have their primary account with an online bank or a neobank.

63% of French people check their mobile banking app weekly, compared to half who use their bank’s website to monitor their accounts. In terms of payments, contactless payment via a bank card (74%) is the preferred method, ahead of mobile payments (24%).

 

About Feedzai:
Feedzai is the world’s leading RiskOps platform, protecting people and payments with a comprehensive suite of AI-powered solutions designed to stop fraud and financial crime. Major financial institutions trust Feedzai to manage critical risk and compliance processes, safeguarding trillions of dollars in transactions while enhancing the customer experience and protecting user privacy.

Media Contact:
Indigo Wilmann | Global Director, Content Marketing
[email protected]