Banks blamed for online fraud

Banks blamed for online fraud ~ consumers reproach financial institutions, not law enforcement agencies - Over half of all consumers (54%) feel that banks and building societies aren’t doing enough to protect them from credit and debit card fraud, according to research by SPSS . This is despite the fact that only 7% of respondents have ever been victims of ATM/credit card fraud.

Surprisingly, only 16% of those questioned said that they thought the police has chief responsibility for preventing fraud. Retailers were let off most lightly, with only 2% of interviewees saying this industry has a role to play in combating the issue.
Furthermore, only a quarter of respondents (28%) said they feel enough is being done to identify and deal with fraud.

"It’s absolutely imperative for financial institutions to put fraud prevention at the top of their priority list, as consumers are clearly watching them like hawks," said Martyn Reeves, UK country manager at SPSS. "If UK citizens believe banks are responsible for protecting their money, then any fraudulent activity is going to irreparably damage these institutions’ brands."
Reeves continued, "But it doesn’t stop there. If consumers feel they are being let down when it comes to prevention, then all organisations, whatever the sector, need to think about the issue. They need to use the tools and techniques available to identify and stop fraud before their customers suffer financial loss and they suffer from lost credibility and business."

SPSS’ research looked at credit card fraud among 1,000 adults (aged 18 and over). It was part of the company’s ongoing campaign to identify consumer perceptions to fraud, understand the most common security breaches, and help businesses combat the phenomenon.

Press Release Contact:
Annette Richardson
Tel: +44 (0) 20 7802 2626

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