69% of financial services consumers prioritize fraud protection
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Consumer preferences around financial service fraud prevention were analyzed in a recent report by FICO. According to the report, 69% of consumers rank good fraud protection in their top three considerations when choosing a financial service provider.
Key findings from the research show that good fraud protection can be a competitive advantage. Thirty-two percent of respondents note that strong fraud protection is the most important consideration when opening a new account. Having that added security is also why most respondents (76%) cite why they prefer to open a financial account in a branch and a further 65% who say they can get the information or advice they need in person rather than via a website or app.
Additionally, the survey reports that 12.3% of respondents say their stolen identity has been used to open a financial account, equating to over 32 million people. As a majority noted, customers are more worried about banking-related fraud, with fraud resulting from stolen cards and identity theft leading to application fraud as the most likely to feature in their top three most concerning fraud types.
Read the full report here.
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