Retail banking customers want more information about fraud prevention
2010-07-23
A recent study of U.S. retail banking customers finds that the majority of Americans would welcome more information about what financial institutions are doing to protect their accounts from fraud.

The survey, conducted by Detica NetReveal and Ipsos MORI, found that 65 percent of U.S. customers wanted more insight into their banks' fraud-prevention tools - such as transaction fingerprinting and behavioral analytics - which play an important role in FIs' customer loyalty solutions. In addition, 46 percent of respondents felt that their banks had given them enough information to protect their accounts and 33 percent felt more at-risk than ever before.

"It's not uncommon for customers to have a limited understanding of all the various measures banks take to safeguard personal financial information. It is understandable that consumers would want as much information as possible," said Wesley Wilhelm, a senior analyst for the Aite Group.

The survey also found that 61 percent of banking customers felt that the responsibility of fraud protection fell with the banks and not with consumers.

The attitude of bank responsibility plays a significant role in the rate of customer attrition following a fraud event. A study conducted by Javelin Strategy and Research found that for 40 percent of consumers, security breaches have altered their relationship with the affected institution or business.

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