Fraud Protection & Compliance
For many years, bank fraud teams have had to worry not only about tackling fraud but also about the impact that security and fraud prevention measures have on their customers. We just completed a survey to ask thousands of consumers in the UK and US exactly what they think about those security measures and fraud processes that are designed to help them stay safe online.
The short answer? They’re frustrated.
You probably knew that already, but the extent of the frustration is interesting:
- 77% think that security measures are unnecessarily complicated
- When opening a bank account, only 23% are prepared to wait for access for more than an hour
- When opening an account online, if asked to take a phone call, post a document or visit a branch, 22% would give up altogether or take their business to another bank
Part of the answer to frustration is education. With that in mind, we made this short video, with quick tips on how to stay safe online.
Today I’m back to my day job, working with our banking customers. I’ll be using the statistics from our research to highlight the areas where we can partner to enhance the fine balance between good fraud protection and poor customer experience.
We’ll be publishing more detailed data in the coming days and weeks, to help businesses understand and address potential pain points within their mobile and online experiences. If you’re interested in digging into the results, give us a call.
There’s more about the solutions businesses use to manage fraud successfully and keep their customers happy on our website.