Unisys has announced the results of new research that polled more than 8,000 people around the world on identity fraud and bank security issues. The research, which may be the first-ever worldwide study on identity fraud, examined consumer views in the United States, United Kingdom, France, Germany, Brazil, Mexico, Australia and Hong Kong.
Results found that forty-five percent of consumers worldwide are willing to switch to financial institutions that offer more security protection and also found that a majority (66 percent) of people worldwide worry about the fraudulent use of their bank and credit card accounts.
"Banks focus a lot on risk mitigation and physical security but often overlook how to make their customers feel secure," said Dominick Cavuoto, corporate vice president and president of the Global Financial Services practice at Unisys.
"Our research shows people are very worried. What's more, they're willing to switch banks. Financial institutions worldwide must pay more attention to these mounting consumer concerns, and look hard at the full impact on their brand... not just consider the monetary impact of fraud. Banks that don't have this complete visibility into the problems of ID fraud risk losing a lot more than a customer's identity."
The study also concluded that Americans are more willing to pay additional fees for greater protection of their bank accounts to assuage increasing fears.
Link: Payments News: Nearly Half of Consumers Worldwide Willing to Switch Banks for More Security.
