Identity Fraud at a Three-Year High
Newest First  |  Oldest First  |  Threaded View
Greg MacSweeney
Greg MacSweeney,
User Rank: Author
2/22/2013 | 4:31:56 PM
re: Identity Fraud at a Three-Year High
$21 billion? Wow. Unfortunately, consumers don't like security. Customers create "weak" passwords, dislike 2-factor authentication (it's too cumbersome), and resist many things that make online transactions more secure. Banks have learned that they can only push customers so much when it comes to security.
Melanie Rodier
Melanie Rodier,
User Rank: Apprentice
2/21/2013 | 4:38:31 PM
re: Identity Fraud at a Three-Year High
I agree that banks must do more to educate customers on what they should do when there is a data breach. The common thought is that it's all in the hands of the bank, and that once information is stolen, there is little if nothing a customer can do except alert their bank if they notice that their account has been misused. Banks need to issue consumers with a clear action plan in the case of a data breach alert.
User Rank: Apprentice
2/20/2013 | 6:25:21 PM
re: Identity Fraud at a Three-Year High
Nice to hear that financial institutions are doing a pretty good job of informing customers, but it's not clear who's winning the battle at this point, between the institutions and the fraudsters. Twenty-one billion dollars is a lot of dosh.

Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.