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.
Given the major media coverage around Heartbleed over the past week, you have likely heard about this security flaw multiple times and from many sources. Such extraordinary attention is for good reason; security experts are saying this is the most serious security issue the Internet has faced to date.
With that critical message in mind, we want to assure our partners and customers that EZShield and the data we store have not been impacted in any way by the Heartbleed security flaw.
Over the holidays, we were right in the throws of the Target breach. Everyone had just finished their holiday shopping, and instead of just worrying about the bills they ran up, they needed to worry about bills a complete stranger could ring up and leave for them to deal with.