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.
In the wake of the Target data breach last December — which put an estimated 70 million customers at risk for identity theft after thieves stole massive amounts of credit and debit card information as well as username and passwords — fraud protection has become a major concern for consumers, and for good reason.
For victims of identity theft, cleaning up the mess is no fun. Some 10 percent of victims must spend more than a month working to clear up associated problems, according to the Bureau of Justice Statistics (BJS). And those whose issues linger are more likely to experience problems at work and in their relationships. Nearly half of identify theft victims who spent more than six months resolving financial and credit card problems reported experiencing severe emotional distress.
Were your customers impacted by the Target breach, or one of the many breaches that have been reported so far in 2014? At EZShield, we are seeing an increase in Internet Monitoring alerts as a result of these data breaches. We are finding our customers’ personal information, email addresses and passwords being traded on the black market.
Still not sure if you can add value to your accounts with fraud protection?
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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.
Customers have a choice. Make their decision easier and give them an even greater reason to choose your financial institution.
That is the leverage an EZShield partnership provides; equipping you to help fight the ever-growing number of fraud sources, thereby, making you a customer’s source for fraud solutions.
And while your FI delivers award-winning fraud protection, you will have the dual benefit of growing your bottom line.
“What have you done for me lately?” is certainly one of the last things you want your customers wondering about your institution. Without a doubt, you want your bank customers to feel secure and valued through benefits and program offerings that grow loyalty.In every way, what you do should tell your customers that you’re looking out for them.
So when you think about fraud, in addition to considering it in terms of financial loss to the bank, to the merchant and to the retailer—remember to consider the impact to the consumer.
Microsoft will discontinue support of Windows XP in April 2014, a decision announced in an official statement in October 2013. This means that Microsoft will no longer monitor malfunctions and potential vulnerabilities of the XP operating system. As a result of this discontinuation, Microsoft will also cease to supply patches to protect against attacks to PCs of XP users. Without these XP updates and patches, PCs are more vulnerable to criminal attacks. For PC users, the solution is a simple upgrade to Windows 7 or 8 as soon as possible. But for the financial industry it is a bit more complicated.