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Posts tagged with "identity theft protection"

01/18/2018

Can You Spot a Synthetic ID? The $6 Billion Mistake in Banking

By Laura Bruck, EZShield New research from the Auriemma Consulting Group (ACG) paints a bleak picture of the state of synthetic identity theft and its hit to the banking industry. Synthetic identity theft cost banks $6 billion in 2016. Five percent of charged-off accounts and up to 20 percent of credit losses are thought to…

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12/18/2017

Banking on New Revenue? How the Right ID Protection Partnership Can Help

By Laura Bruck The FDIC released impressive figures in their Q1 report of U.S. bank performance. Aggregated net income for financial institutions was $44 billion in the first quarter of 2017. This is a 12.7 percent increase from the year prior. Community banks shared this growth with a 10 percent increase. Collectively, more than half…

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10/01/2017

Rebuilding Bank Customer Trust After Fraud: Resolution is as Important as Prevention

Fraud continues to grow, and consumers know it. In fact, they’re downright afraid of the prospect of fraud and identity theft. When fraud occurs, bank customers want to know who’s responsible. If they can’t assign blame elsewhere, they’re likely to hold their financial institution responsible and switch banks because of the fraud, a new study…

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12/08/2016

Identity Theft Protection: Consumer Sentiment Says Getting it Right is a Must

When bank customers experience identity theft, do they blame their financial institution? Chances are they will, even if the incident of fraud did not occur through bank channels. Between 2013 and 2014, the number of consumers who switched financial institutions after experiencing fraud increased more than 10 percent, according to the Identity Theft Resource Center’s…

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11/22/2016

EMV Adoption, Fraud Migration and Identity Protection Services: Answering Some Questions

The fraud landscape is ever-changing, and sometimes the very steps financial institutions take to reduce fraud in one area cause an uptick in other types of fraud. That’s certainly been the case with EMV technology, the leading topic of discussion in our recent webinar The new realities of fraud post-EMV adoption. Led by Deluxe’s own…

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02/12/2016

7 Critical Considerations When Choosing an Identity Theft Protection Partner

It’s gratifying when what’s good for your bank can perfectly align with what’s good for your customers, and identity theft protection is one product where financial institutions can achieve that level of perfection. The Opportunity Consumers are very aware of identity theft risks, want protection and are even willing to pay for it. Eighty-one percent…

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01/27/2016

Paths to Topline Growth in the Face of ATM and Overdraft Fee Changes

Banks’ non-interest income lines are under severe pressure in the post-Durbin world, thanks largely to reductions in debit card interchange and changes to overdraft fee structures. Yet apparently the onslaught isn’t over – a recent report by CNN Money suggests that Bank of America, Wells Fargo and JPMorgan Chase earned a combined $6 billion in…

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