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Nearly One-Third of All Customers at US Banks Have Experienced Fraud in Last 12 Months: Study
A massive chunk of all US banking customers have recently experienced some type of fraud on their accounts, according to a new study.
The study shows 29% of US bank customers and 22% of credit card users – have experienced fraudulent activity on their accounts in the past 12 months.
As fraud cases increase, J.D. Power says that protection from the illegal activity has become a “key component to overall customer satisfaction, brand loyalty and advocacy” for companies.
The study says that only 46% of bank customers and 40% of credit card users say they’ve been asked to act on fraud prevention measures in the last 90 days.
Says Jennifer White, senior director for banking and payments intelligence at J.D. Power
“Financial fraud is a big problem for banks and credit card issuers, but it also presents an opportunity from a customer experience perspective when it is handled well…
In fact, customer likelihood to reuse their bank or credit card company and then recommend that entity to friends is actually higher after an institution helps prevent or resolves a fraud incident than when there is no fraud incident at all. However, many institutions still have a lot of work to do when it comes to educating customers on how to protect themselves.”
Earlier this month, Santander, HSBC, TSB Bank, the U.S. Federal Trade Commission (FTC) and the UK National Cyber Security Centre issued warnings about “quishing,” The Financial Times reported.
Quishing, or QR code phishing, is a new type of fraud campaign that lures victims into unsuspectingly scanning a QR code that forces them to visit a malicious website or download a harmful application, allowing attackers to obtain passwords, financial details and personally identifiable information.
Cybersecurity experts now say quishing is being widely deployed in email campaigns where criminals embed malicious QR codes in PDF attachments.
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