New FICO Survey: Consumers Will Switch Banks If Fraud Prevention Expectations Are Not Met

Business Wire11-13

Global survey shows that real-time-payments (RTP) usage and scams are growing both in frequency and value of loss worldwide BOZEMAN, Mont., November 13, 2024--(BUSINESS WIRE)--FICO (NYSE: FICO) ...

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A new global FICO survey finds that more consumers reported that their family and friends have been victims of real-time payment scams in 2024 (56%) versus 2023 (51%).50% of consumers call for their banks to \"have better fraud detection systems\" as the top action needed to protect them from scams.The survey finds that globally, 73% of consumers would feel positive about their banks if they intervened to stop RTP transactions that had been detected and identified as scams, leading to increased customer retention and loyalty. Half of consumers globally (50%) ranked \"have better fraud detection systems\" as the top action their banks could take to protect them from scams.Consumers will take a series of actions that are costly to banks when they experience scams. Cu","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SWCH":"Switch Inc.","BK4585":"ETF&股票定投概念","GRO":"Brazil Potash Corp.","LU1093756325.SGD":"FTIF - Franklin K2 Alt Strat Fd A (acc) SGD-H1","BK4023":"应用软件","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","BK4116":"互联网服务与基础架构","BK4588":"碎股","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","IE00BLDYK493.USD":"NEUBERGER BERMAN US SMALL CAP \"A\" (USD) INC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","IE00B64QTZ34.USD":"NEUBERGER BERMAN US SMALL CAP \"A\" (USD) ACC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","BK4513":"直播概念","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","FICO":"Fair Isaac Corp","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU1093756168.USD":"FRANKLIN K2 ALTERNATIVE STRATEGIES \"A\" (USD) ACC"},"translate_title":"新的FICO调查：如果未达到欺诈预防预期，消费者将更换银行","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SWCH":1,"FICO":1,"GRO":1},"content_text":"Global survey shows that real-time-payments (RTP) usage and scams are growing both in frequency and value of loss worldwide\nBOZEMAN, Mont., November 13, 2024--(BUSINESS WIRE)--FICO (NYSE: FICO)\nHighlights:\n\nA new global FICO survey finds that more consumers reported that their family and friends have been victims of real-time payment scams in 2024 (56%) versus 2023 (51%).\n50% of consumers call for their banks to \"have better fraud detection systems\" as the top action needed to protect them from scams.\n65% of consumers across the globe say that banks should be required to reimburse scams victims for their losses.\n\nGlobal analytics software leader, FICO, released new research regarding consumers’ increased use of real-time-payments (RTP), leading to higher reported scams threats and an increase in losses. 2024 marks the second annual Global Scams Impact Survey, showcasing findings and trends from tens of thousands of consumers across the globe, including 1,000 from the United States. The responses, trends, and additional analysis of these datasets are provided in the report.\nOverall, consumers around the globe report that with the increase of scams, they have higher expectations for fraud prevention at banks. Banks need to remain competitive in fighting fraud and providing consumers with excellent customer experiences.\n\"Consumers are asking for banks to do a better job at identifying scams,\" said Debbie Cobb, vice president of fraud product management at FICO. \"Banks need to prioritize guarding their customers from scams with fraud detection technology that can keep up with the ever-changing landscape, as well as offering educational resources on how consumers can best protect themselves. The survey found that although most consumers globally (59%) say their banks provide enough education on scams, 36% of consumers in the USA and Canada believe their banks do not provide enough.\"\nConsumers have higher expectations for fraud prevention at banks\nThe survey shows that more consumers globally in 2024 reported that their family and friends have been victims of RTP scams than in 2023. 56% of consumers (globally) now say their friends or family members have been scammed, versus 51% in 2023 – an alarming 5% increase. Across the world, North American countries reported 47% of family and friends being scammed, Latin America countries reported significantly higher at 69%, European countries reported at 48%, and Asia-Pacific countries reported 56%.\nThe survey finds that globally, 73% of consumers would feel positive about their banks if they intervened to stop RTP transactions that had been detected and identified as scams, leading to increased customer retention and loyalty. Half of consumers globally (50%) ranked \"have better fraud detection systems\" as the top action their banks could take to protect them from scams.\nConsumers want banks to reimburse scams losses\nConsumers will take a series of actions that are costly to banks when they experience scams. Customer churn is one of the most significant risks, as 13% of consumers globally say they could change banks if unhappy with how their bank manages the experience around scams.\nReimbursement liability is another significant consideration, as 65% of consumers globally say that banks should be required to reimburse scams victims for their losses always (34%) or most of the time (31%). In contrast, 47% of Asia-Pacific consumers report lower percentages asking for banks to reimburse for scam losses always (24%) or most of the time (23%).\nFor banks, transactional monitoring models with built-in scam and fraud scores can help prevent fraud impacts. As consumers continue to embrace RTP, it is essential for banks to give consumers the best experience with the least potential impact from fraud. For more details and insights regarding the survey results:\n\nDownload the Global Scams Impact Survey Whitepaper\nFor USA findings specifically, download the 2024 Scams Impact Survey: USA eBook\n\nFor more information on FICO fraud solutions, visit https://www.fico.com/en/solutions/fraud-protection-and-compliance.\nAbout FICO\nFICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting four billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.\nLearn more at https://www.fico.com/en.\nJoin the conversation at https://x.com/FICO_corp & https://www.fico.com/blogs/\nFor FICO news and media resources, visit https://www.fico.com/en/newsroom.\nFICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241113954768/en/\nContacts\nJulie Huangpress@fico.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483006290"}