tl;dr
A recent study by J.D. Power reveals that 29% of US bank customers and 22% of credit card users, including those at major banks like Wells Fargo, Bank of America, and Goldman Sachs, have experienced fraudulent activity in the past year. The study emphasizes that protection from fraud is crucial for ...
A recent study by J.D. Power reveals that 29% of US bank customers and 22% of credit card users, including those at major banks like Wells Fargo, Bank of America, and Goldman Sachs, have experienced fraudulent activity in the past year. The study emphasizes that protection from fraud is crucial for overall customer satisfaction, loyalty, and advocacy. However, only 46% of bank customers and 40% of credit card users report being asked to take fraud prevention measures in the last 90 days.
According to Jennifer White, a senior director at J.D. Power, effectively handling fraud incidents can enhance customer loyalty and advocacy. Additionally, the report highlights the need for better customer education on self-protection.
Moreover, warnings have been issued about "quishing," a new type of fraud involving QR codes, which cybersecurity experts say is increasingly being used in email campaigns to trick individuals into visiting malicious websites or downloading harmful applications.
A massive chunk of all US banking customers have recently experienced some type of fraud on their accounts, according to a new study. Consumer insights and analytics firm J.D. Power says the study shows 29% of US bank customers and 22% of credit card users – at banks like Wells Fargo, Bank of America and Goldman Sachs – have experienced fraudulent activity on their accounts in the past 12 months.
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.