Consumer awareness of identity theft risks spikes every time a large-scale data breach hits the headlines. The average consumer is probably at least a little concerned about identity theft, and many are very concerned. Javelin’s research tells us that about a third of all consumers who have identity theft protection obtained it through their bank or a credit card company, rather than through an independent provider. It’s easy to understand why consumers would turn to their trusted financial institution for help with this vital product that directly affects their financial security.

However, if your FI is treating identity theft protection as merely a courtesy offering, or worse, not offering it at all, you’re missing a valuable opportunity to enhance your brand’s value and trustworthiness in the eyes of consumers.

While overall awareness of identity theft has improved and the incidences of ID fraud declined slightly in 2014, it’s still a $16 billion problem in the banking industry, according to Javelin’s most recent research, the 2015 Identity Protection Services Scorecard – Direct-to-Consumer Market. In 2014, identity theft complaints again represented the lion’s share of complaints the Federal Trade Commission logged that year, accounting for 13 percent of all cases. Additionally, the Identity Theft Resource Center reports that last year data breaches reached a record high of 783 reported breaches, a 27.5 percent increase over 2013.

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