Consumers Want the Latest Technology – and Fraud Protection, Too

Consumers expect simple and effective mobile and online banking tools. They also expect financial institutions to protect them from fraud, according to a survey from technology consulting firm Accenture.

Financial institutions should work with their customers to balance exposure risk with the demand and expectations for services, the survey suggests.

“Effective customer education and communications programs–helping customers recognize how to prevent fraud, but also helping them understand their own responsibilities–should go hand-in-hand with sophisticated cyber security measures,” writes Steve Culp, managing director of Accenture’s risk management group, in an article for Forbes.

“Only by working in partnership with their customers can financial institutions develop truly effective fraud prevention efforts,” says Culp.

The survey includes seven key findings:

    1. Respondents view mobile banking as a higher risk activity than accessing services via a personal computer.

    2. Respondents rated ease and speed of making online transactions as more important than security.

    3. Respondents rarely read the security and privacy statements they receive and want them to be very short, but they’re surprisingly aware of the security features provided by websites, and they’re appreciative of such features when shopping online.

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