By Will Sturgeon, 26 June 2003 15:51
NEWS The majority of consumers believe the buck stops with banks when it comes to online fraud. According to research from data mining and statistical analysis expert SPSS, 54 per cent of consumers would blame banks and building societies in the event of fraud as they believe not enough is being done to protect them from credit and debit card fraud. Despite the fact that only 28 per cent of respondents believe enough is being done to tackle the issue of fraud, the police escaped without too much criticism in the research. Only 16 per cent of respondents believe the police would be to blame in the event of online card fraud. The findings suggest the revenues banks derive from their customers puts the onus is on the financial institutions to protect consumers, rather than non-profit-making law enforcement bodies. Martyn Reeves, UK country manager at SPSS, sent out a warning to banks who perhaps aren't doing all they can to protect customers from fraud. He said in a statement: "Its absolutely imperative for financial institutions to put fraud prevention at the top of their priority list, as consumers are clearly watching them like hawks. "If UK citizens believe banks are responsible for protecting their money, then any fraudulent activity is going to irreparably damage these institutions brands."
In order to post a comment you need to be registered and logged in.
Log in or create your silicon.com account below