The value add for financial institutions to offer identity theft protection to their customers
Consumers are increasingly relying on digital channels to conduct their banking and payments activities. In an ongoing review, customer administration and security were the two most vital variables customers refer to when remaining with their current financial institution or relocating to another one.
FI customer’s attitude towards security:
• Among consumers who discovered a fraudulent wire transfer of funds on their account, 40% moved all of their accounts to another FI. - Aite
• 74% of consumers prefer security over convenience when it comes to their online
accounts. - techrepublic
• Consumers look first to banks to exercise leadership in addressing data privacy and
security concerns ahead of regulators and government. – Kearney Data Poll Reap the rewards of Improved Security: It’s no secret that financial organizations and their customers are the main focus for cybercrime. During recent years, the financial world was hit hard by financial trojans, which typically are built with keystroke stealing spyware aimed at hacking FI customers. This malware spreads inside millions of phishing emails every day with a goal to harvest the banking credentials of its victims. This has greatly contributed to account takeover, which has tripled in the most recent year, achieving a four-year high. Customers who fall victim to identity theft, can potentially expose your company to further risks of fraud, data loss and reduced profitability.
Providing your customers with Fiserv’s CyberProtect: Identity Watch will help build trust and loyalty and safeguard your corporate assets.