Majority (65%) of US respondents desire more insight into the preventative measures their banks have implemented for detecting and combating fraud, according to a survey conducted by Detica NetReveal and Ipsos MORI to know the banks anti-fraud measures.
According to the Detica, the survey represents the view of more than 1,000 US residents between the ages of 18 and 64. Participants were asked to rate their concerns on various fraud-related retail banking issues, including personal fraud risk, previous fraud experience and perceived responsibility.
Among the respondents, 48% indicated they were fairly or very concerned that their bank accounts could be at risk of fraud. A majority, 61%, felt the responsibility for protecting their accounts from fraud fell predominantly with their banks.
In contrast, only 46% 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% were completely satisfied with the way their banks handled the incidence.
Additionally, 33% 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.
Wesley Wilhelm, senior analyst at Aite Group, said: “Customers are frequently unaware of the impact fraud can have on their lives until it happens to them. 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 US 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.