Banks taking the lead on cybercrime

Customers are increasingly turning to banks in the fight against cybercrime, research reveals.

The study, carried out by cxLoyalty as part of its CybercrimeSOS campaign, found that two thirds (67%) of global consumers turn to their bank to prevent, detect and resolve cybercrime issues. In contrast, just 14 per cent would turn to the police for support.

This highlights the important role banks have to play in the fight against cybercrime and research shows there is a significant commercial benefit to doing so. In fact, 70 per cent of people are more likely to select a banking service or credit card provider if cybercrime protection services were included in the package.

Karen Wheeler, Vice President and Country Manager at cxLoyalty UK, said, “The ongoing threat of cybercrime is only increasing as the online landscape becomes ever more complex and global. There is a widening opportunity for banks all over the world to reassure customers and provide confidence in protecting online identity and data. Our research suggests that any banks stepping into this role in the digital space will be richly rewarded with increased brand reputation and customer loyalty.

“Banks have procedures in place to deal with cybercrime but currently only go so far in protecting their customers if they have suffered a crime on their existing accounts – not more widely. A detected ID theft resolution service can offer practical solutions, customer peace of mind and guidance if a customer’s financial details are fraudulently obtained and used.

“By providing cyber and ID services and equipping customers with the knowledge of how to protect themselves better online and reduce personal risk, banks can offer a safer digital experience, enhanced security and a positive outcome for everyone.”

To read the full report, visit: https://cxloyalty.co.uk/insight/cybercrimesos/