Magazine article American Banker

Customers on Fraud Prevention: Give Us More Information

Magazine article American Banker

Customers on Fraud Prevention: Give Us More Information

Article excerpt

Half of all customers want their banks to send them more information about security and fraud prevention, a survey finds.

Banks should be conducting pilot tests, focus groups, and short Internet surveys to find out what types of additional protection and information customers want, said Steve Kane, a vice president at the technology and services company Unisys Corp., which released the survey results last week.

Most important, banks should move beyond television commercials or posting material on a Web page, Mr. Kane said. They should communicate with customers while they are banking online to keep them up to date, he said.

"Banks have an opportunity staring them in the face to work with consumers to understand what they would tolerate," Mr. Kane said in an interview Monday.

"Perhaps the greatest risk for banks right now is reputation risk. ... By going out and taking on studies in open ways, it would send the message to customers that banks are doing something."

Unisys, of Blue Bell, Pa., polled more than 1,000 consumers by phone in July. Only 7% said there was nothing they could do on their own to reinforce the safeguarding of their identity.

"We're seeing some indication that consumers are more willing to share the responsibility of protecting themselves," said Bruce Cundiff, an analyst at Javelin Strategy and Research of Pleasanton, Calif. "They don't necessarily feel that it's the banks responsibility but that it's mutual. ... This is definitely a sea change in the industry. …

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