77% of US consumers monitor bank accounts for suspicious activity at least once a week

18/10/2018

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Featurespace’s Consumer Fraud Sentiment Survey details attitudes and behaviors around fraud in online banking.

Featurespace announced the results of its Consumer Fraud Sentiment Survey, revealing the growing influence of fraud on US consumers’ online banking behaviors and the customer experience (download the free report). The leading provider of Adaptive Behavioural Analytics, Featurespace's ARIC™ Fraud Hub detects and prevents fraud attacks in real time, as they occur.

"It is clear that consumers are increasingly aware of fraud and as a result are taking the time to more frequently check their statements," said Dave Excell, founder and CTO of Featurespace. "According to our survey, 77 percent of respondents check their bank accounts at least once per week for suspicious activity, and of those, 35 percent check it daily."

Other findings from the survey include:

  • 51 percent of consumers say they have had a transaction declined because their bank mistakenly suspected fraudulent activity
  • Within the past year, 36 percent have cancelled their debit or credit card or closed their bank account altogether due to security concerns
  • 20 percent of consumers use the same password for their online bank account as they do for their email, social media, app logins and other online accounts
  • Should fraudulent activity occur, 59 percent expect to be notified by their bank immediately.

Excell continued, "The growing scale and frequency of fraud attacks has made public awareness of threats higher than ever, setting a new standard of consumers' expectations to be protected from fraud and notified in the event of a breach. The only way to meet and exceed these expectations is to prevent known attacks and new threats as they emerge, which is exactly what we do."

Download the full results from Featurespace's Consumer Fraud Sentiment Survey.

 

To read more information, click here.

Featurespace Ltd

Featurespace™ is the world-leader in Adaptive Behavioural Analytics and creator of the ARIC™ platform, a machine learning software system developed out of the University of Cambridge.

Headquartered in Cambridge, UK, and Atlanta, US with additional offices in London, UK, and New York, US. Featurespace has deployed ARIC to organisations that have services or products deployed in over 180 countries.

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