As public concern about identity theft and fraud continues to escalate, it has become more critical than ever for financial institutions to step up customer protection efforts — or risk taking a hit to their bottom lines.
In a global study across 17 countries that included more than 5,200 consumers, some 25 percent of respondents said they’d been victims of credit, debit, or pre-paid card fraud within the past five years. Most tellingly, more than 20 percent reported that they will stop using, or switch from, the card impacted by fraudulent activity. The study — conducted by ACI Worldwide and Aite Group — further found that after experiencing fraud, more than half of cardholders switched to using cash or an alternate form of payment instead of their credit or debit card.
We all have a responsibility to our customers. That responsibility includes securing our customers’ data and protecting their privacy, while still providing the convenience they are looking for. But how much responsibility do your customers have in securing their own data and protecting their own privacy— or do they tend to default to what is convenient?
Unfortunately, convenience is not synonymous with security. While customers expect the highest level of security, their day-to-day activity errs on the side of convenience. As much as we may hate to admit it, we all fall into that category at some point in our daily lives.
Take a look at the top five ways we all invite identity fraud into our lives. As you read this list1, if you are guilty, and you understand the risks of fraud, imagine how many of your customers are taking these risks.
EZShield Fraud Protection partners to help Financial Institutions serve their customers.
With the Target breach still on our minds, and the ongoing news of hacks and data breaches exposing the personal information of thousands—and even millions—there continues to be uneasiness amongst consumers. Anxiety, compounded by a lack of clarity, about what consumers can do to better protect their data and identities.
The reality is that consumers trust and look to their financial institution as the primary source for this protection.