Consumers Are Ready to Protect Their Accounts, But Will Bankers Let Them?
By James Van Dyke, Javelin Strategy & Research
A popular misconception about consumers’ willingness to be involved in fraud protection is holding back retail bankers’ profitability. New Javelin factual research debunks the mistaken belief that consumers won’t sacrifice convenience in order to increase security.
By analyzing rigorous data comparing latest behaviors and preferences toward banking security, Javelin identifies steps bankers can take to not only lower their fraud mitigation costs but to launch marketing efforts to strengthen customer relationships. On top of decreased losses, the customer value proposition of security partnering can be translated into profitable opportunities such as: increased online shopping, retaining customer revenue, gaining new customers, creating a top-of-wallet card, and garnering income from identity protection offerings. Read More
Editor's Note: I don't know how "inconvenient" it is to Swipe a Card and Enter a PIN, people do it all day long at ATM's and Checkout Counters, but it's good to see that this "convenience" myth has been exposed.
It's more "inconvenient" to spend 40 plus hours (the average time it takes to deal with debit or credit card fraud) combating identity theft than spending a few extra seconds securing the online banking session.
When it comes to eCommerce, I would argue that Swiping your card and Entering your PIN is immensely more "convenient" than typing in a 14-18 digit card number into a box on a website, typing in your expiration date and then typing in your CVV on the back of the card. It's definitely faster to swipe and I guarantee you it's 100 times more secure.
Ask any keystroke logger!
It's more "inconvenient" to spend 40 plus hours (the average time it takes to deal with debit or credit card fraud) combating identity theft than spending a few extra seconds securing the online banking session.
When it comes to eCommerce, I would argue that Swiping your card and Entering your PIN is immensely more "convenient" than typing in a 14-18 digit card number into a box on a website, typing in your expiration date and then typing in your CVV on the back of the card. It's definitely faster to swipe and I guarantee you it's 100 times more secure.
Ask any keystroke logger!
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