More NewsACI Worldwide Survey Identifies Customers’ Top Concerns Following Card Fraud

ACI Worldwide Survey Identifies Customers' Top Concerns Following Card Fraud

ACI Worldwide has released the findings of a global consumer fraud survey that highlights the areas that banks need to focus on following a card fraud incident. The most important factor to ensure customers were happy with their bank after they were hit by fraud is how quickly any stolen money was reimbursed. However, just under a third of those surveyed also judged their bank’s customer service by how quickly they identified a fraudulent transaction. For a quarter of respondents, it was most important that the financial institution identified the fraud before they did.

The post-fraud service offered by banks is crucial to keeping customers happy and preventing attrition. Overall, 74% of respondents were happy with the treatment they received from their financial institution after becoming a victim of card fraud. However, with 26% reporting that they were somewhat unhappy or very unhappy, there is still more that banks can do to ensure customer satisfaction following a fraud incident.

This is particularly the case in Dubai, where only 16% of respondents to the survey were ‘very happy’ with how their bank handled fraudulent attacks on their credit or debit cards. UK customers are the most satisfied with their bank’s customer service, with 62% saying they were ‘very happy’ with the treatment received. Banks in the US and Singapore also fared reasonably well with 55% and 40% of respondents, respectively, saying that they were happy with the post-fraud service offered by their banks.

It is, however, important that banks understand regional differences and tailor their customer service accordingly. In Singapore, for example, consumers felt the speed at which their bank identified the fraud far outweighed the importance of the speed of reimbursement at 45% versus 15% of respondents. It also seems that Singaporean banks are good at spotting fraudulent transactions first as only 16% of respondents had noticed a fraud before their bank had notified them about it, compared to 21% in the UK and US.

The best customer service is of course to prevent fraud from occurring in the first place. This is also the case if banks want to continue the transition from cash to cards by their customers. The survey found fraud could influence consumers to revert back to cash, with 18% saying they would definitely use cash over cards following a fraud and a further 59% admitting that they would do so ‘in some situations’.

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