Banks Anti-Fraud Measures a Top Concern for U.S. Customers
Detica NetReveal® and Ipsos MORI survey illustrates account-fraud as top-of-mind for nearly 50%
July 15, 2010
MCLEAN, Va.--According to a survey conducted by Detica NetReveal® and Ipsos MORI, 65 percent of U.S. respondents desire more insight into the preventative measures their banks have implemented for detecting and combating fraud.
The survey polled a representative sample of more than 1,000 U.S. residents between the ages of 18 and 64. Participants were asked to rate their concerns on a number of fraud-related retail banking issues, including personal fraud risk, previous fraud experience and perceived responsibility. Among the respondents, 48 percent indicated they were fairly or very concerned that their bank accounts could be at risk of fraud. A majority, 61 percent, felt the responsibility for protecting their accounts from fraud fell predominantly with their banks.
In contrast, only 46 percent felt their banks had armed them with information and advice to keep their accounts safe from fraud. Of those who had a recent experience with actual or suspected account fraud, only 37 percent were completely satisfied with the way their banks handled the incidence.
Additionally, 33 percent felt more at risk to fraud than ever before, a percentage mirrored by those in favor of banks increasing charges to improve anti-fraud efforts.
"Customers are frequently unaware of the impact fraud can have on their lives until it happens to them," said Wesley Wilhelm, senior analyst, Aite Group. "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 while not wanting any security controls to be revealed to identity thieves. It is still the customer’s responsibility to inquire about and understand how they can assist in implementing and enhancing the anti-fraud initiatives of their financial institutions. It is ultimately their accounts that are at risk and their assets and financial identity that are under attack."
The survey was commissioned by Detica NetReveal® to provide a representative snapshot of the U.S. retail banking fraud landscape and to highlight the importance customers give to effective fraud prevention solutions to protect them from the risk of financial crime.
About the research
Detica NetReveal® commissioned MORI Ipsos to survey a representative sample of 1,015 adults. Interviews, exploring attitudes towards banking fraud were conducted online between 16 April and 19 April 2010. A full copy of the research is available upon request.
About Ipsos MORI
Ipsos MORI is part of the Ipsos Group, a leading global research company. With a direct presence in 60 countries our clients benefit from specialist knowledge drawn from our five global practices: public affairs research, advertising testing and tracking, media evaluation, marketing research and consultancy, customer satisfaction and loyalty.
For further information: http://www.ipsos-mori.com
About Detica NetReveal®
Detica NetReveal® is a revolution in fraud detection. By uncovering the hidden relationships between people and data, Detica NetReveal® can detect both simple opportunistic and large-scale organized fraud currently hidden within an organization’s systems. In addition, by running high-speed checks at the point of application, Detica NetReveal® can help companies to stop fraudsters before they become customers. For further information, please visit www.deticanetreveal.com
Detica is a BAE Systems company. www.detica.com.
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