Users demand more fraud protection from banks and card companies

Results of a new survey carried out by GrIDsure show banks and card companies could do more to protect customers from fraud, and might benefit from taking into account how users actually feel about this kind of crime.

While most banks believe simply giving customers their money back is enough in terms of ‘fraud protection’, the vast majority of those surveyed (83.2%) said the experience would make them feel ‘violated’ and well over half (56.3%) would now consider cutting up the cards or closing the bank accounts from which money had been stolen.

With a third (31%) of respondents having fallen victim to fraud, and a further third knowing someone who had been affected by it, 81.4% of people still believe that banks, credit card companies and the police accept fraud as an inevitable part of card use today. A significant 51% think the police, banks and card companies aren’t doing enough to follow up on fraud under the current system where banks or card companies are supposed to report fraud rather than customers.

The survey also shows that one of the solutions currently being offered by banks – involving users carrying additional hardware devices will not prove popular with consumers.

86.9% of people said they wanted extra security but without having to carry additional equipment or devices. 71.6% said using such equipment wouldn’t fit with their normal routines.

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