Cardholders want to be more involved in the fight against fraud, according to a recent survey by Aite Group and ACI.
One in four out of the 5,000 surveyed consumers reported having experienced a card fraud in the past five year, and 82% said that when a potential fraud is detected, they want to be notified by the bank before any action is taken.
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Shirley Inscoe, senior analyst at Aite, told Cards International: "One of the most important things here is that people clearly want to be involved in fighting fraud. They want their bank to inform them – to communicate with them before they take action."
Aite put forward some recommendations for financial institutions to improve their anti-fraud policies, such as simplifying fraud response procedures, making them more transparent and informing customers on the measures not only after, but also before frauds occur.
"We are getting to the point where a bank’s attitude to fraud is becoming a key differentiator. Not only do banks need to invest in their back anti-fraud systems, but they need to be proactive in terms of how they communicate their attitude to fraud, and in how they keep their customers up-to-date," said Inscoe.
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By GlobalData
