With tax season upon us, it’s open season, literally, for ID thieves and IRS impersonators. This is scary territory for consumers, obviously. According to the FCC, identity theft has been the No. 1 complaint reported by Americans for 15 consecutive years. And, despite the fatigue of hearing about the issue for so long, consumers remain very concerned about security breaches and implications of fraud.
But what about the implications for banks and credit unions? How can you best protect your account holders (and yourself) from the pitfalls of fraud?
I’m glad you asked, because this coming Monday, I have the pleasure of speaking at CBA Live 2016, along with Tom Hunley of PNC Bank and Maria Leonard of Citizens Financial Group, on this very topic. The three of us will be presenting in the forum “Balancing Consumer Needs With Fraud Prevention and Risk Challenges” starting at 4 PM.
As the title suggests, one of the key areas we’ll be taking a look at is how identity theft and fraud impact the relationship between financial institutions and their account holders. It’s no secret that victims often blame their financial institutions – and, in fact, 47% have reported leaving their FI due to the negative experience of identity theft.
If that weren’t bad enough, from the FI perspective, not all fraud is created equal. What works as a defense against checking account fraud, for example, won’t necessarily work against credit card fraud. With all the complexity involved, how are FIs supposed to fight fraud while still providing the personalized customer experience today’s account holders have come to expect? This is one of the questions we hope to answer on Monday.
Other areas we’ll be looking at include:
• How we identify crimes of identity theft and fraud
• The market impact of such crimes
• Consumer concerns and counter measures
• Weighing strategy vs. customer experience
I’m very excited – as I’m sure Tom and Maria are – to dig into this important topic and provide real solutions for the industry going forward. We’ll be in Grand Sonoran J-K from 4-5 PM. I hope to see you there.