Banks and credit unions responded successfully, however, with 85% of those consumers saying they were satisfied with how their financial institution handled the incident.
According to the study’s results, banking choices are influenced by how secure consumers feel when conducting transactions, either in their local branch, at an ATM or online. A majority of consumers (98%) felt most secure when conducting transactions at their local banking branch, compared with 92% when conducting transactions online and 85% using a mobile phone app.
In addition, 60% of consumers noticed a fraudulent transaction before their financial institution, leaving plenty of opportunity for banks and credit unions to be more proactive when it comes to identifying and notifying customers about potential fraud.
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