Posts From October, 2012

Understanding Bank Fees...and Why CUs are Better 

October 22, 2012 Categories: bank alternatives

A recent New York Times column, "Your Fees, Their Bank", provides some clarifications on the current bank fees, why they are being charged and how many banks get away with them. The column, by Nancy Folbre, also provides some of the many reasons to switch to a credit union. To read the article, click here.

New Study Shows 1 in 4 Have Been Victims of Credit Card Fraud 

October 17, 2012 Categories: credit protect yourself

NAPLES, Fla. – A recent global study of more than 5,200 consumers conducted by ACI Worldwide and Aite Group found that one in four say they have been victimized by credit card or pre-paid card fraud during the past five years.

The study surveyed consumers in 17 countries with Mexico (44%) and America (42%) reporting the highest fraud rates.

“The results of the survey show that card fraud continues to be one of the greatest threats and concerns for consumers, financial institutions and retailers,” said Mike Braatz, a senior vice president of ACI Worldwide, a Florida-based payments company.

Some key findings of the survey include:

Many consumers continue to exhibit risky behaviors that put them at a higher risk of financial fraud, including keeping written records of PIN numbers, throwing unshredded documents containing sensitive information into trash bins and using public computers or computers without security software for Internet banking services and to shop online.

If their financial institution notices unusual activity on their bank account or card, 82% of respondents are “very interested” in being notified prior to the bank taking action.

Consumers prefer immediate and direct communication from their banks when fraudulent activity is detected. The most preferred method of contact was found to be a call to the respondents’ mobile phone, followed closely by e-mail or text message. This illustrates a change from 2011 where contact via home phone was the second most preferred method.

“The 2012 Fraud survey paints a compelling picture of the global nature and threat of fraud,” said Shirley Inscoe, Senior Analyst, Aite Group.  “Financial institutions, issuers and retailers need to enlist customers in the fight against fraud, educate them on prevention best practices, and reassure them of policies should fraud occur.  Maintaining customer satisfaction, loyalty and preserving wallet share can be achieved by communicating with and enlisting the customer in the fight against fraud.”

To read the full report click here.

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