BANKS TAKING THE LEAD ON CYBERCRIME

Two thirds of consumers trust banks to help prevent, detect and resolve financial cybercrime

Customers are increasingly embracing banks in the fight against cybercrime, research reveals.

The study, completed by Affinion as part of its CybercrimeSOS campaign, discovered that two thirds (67%) of global consumers turn to their bank to prevent, detect and resolve cybercrime issues. In contrast, just 14 per cent would use the police for support.

This highlights the important role banks have to participate in the fight against cybercrime and research shows there's a significant commercial benefit to doing so. In fact, 70 per cent of people are more likely to select a banking service or credit card provider if cybercrime protection services were contained in the package.

Karen Wheeler, Vice President and Country Manager at Affinion UK, said, “The ongoing threat of cybercrime is just increasing as the online landscape becomes ever more complex and global. There's a widening opportunity for banks around the globe to reassure customers and provide confidence in protecting online identity and data. Our research suggests that any banks entering into this role in the digital space is going to be richly rewarded with increased brand reputation and customer loyalty.

“Banks have measures in place to deal with cybercrime but currently only go so far in protecting their customers if they have suffered a crime on their existing accounts – not more widely. A detected ID theft resolution service can offer practical solutions, customer reassurance and guidance if a customer's financial facts are fraudulently obtained and used.

“By providing cyber and ID services and equipping customers using the knowledge of how to protect themselves better on the internet and reduce personal risk, banks can provide a safer digital experience, enhanced security along with a positive outcome for everyone.”

To read the full report, visit: https://affinion.co.uk/insight/cybercrimesos/