Abstract
Overview
There is a longstanding assumption that zero-liability fraud guarantees create
a culture wherein consumers no longer have incentive to participate in fraud
mitigation. Javelin data dispels this modern myth, demonstrating that not only
do consumers want to be involved in their own security, they are eager to
partner with their banks and credit unions to do so. Half of all identity
frauds are caught by the individual, so teaming up with consumers makes sense.
The consumer value proposition of security partnering is demonstrated for
increasing online shopping, retaining transaction revenue, gaining new
customers, creating a top-of-wallet card, and garnering income from identity
protection offerings. This report also includes a consumer security wish list
and the most popular consumer fraud alerts.
Primary Questions
- Does zero liability diminish consumer participation in fraud mitigation?
- How can security professionals develop a value proposition across the
financial institution for increased security?
- What new security methods would consumers most like to see implemented?
- What are the most popular alerts?
- What are the “wins” for institutions that partner with
consumers on security?
- What actions are consumers taking on their own?
Report Statistics
- Audience: Financial institutions: Online banking, mobile banking,
risk and fraud departments, credit card issuers, mobile payment vendors, and
point solution vendors
- Author: Robert Vamosi, Research Analyst, Risk, Fraud and Security
- Contributors: Mary Monahan, Director of Research, Tom Wills, Senior
Analyst, Risk, Security and Compliance
- Length: 28 pages, 14 charts/graphs
Methodology
This report is mainly based on data collected online from a random-sample
panel of 2,779 respondents in April 2009. The survey targeted respondents
based on representative proportions of gender, age and income compared to the
overall U.S. online population. Overall margin of sampling error is
±.81 percentage points at the 95% confidence level.
Additional data was collected online from a random-sample panel of 2,339
respondents in October 2008. The survey targeted respondents based on
representative proportions of gender, age and income compared to the overall
U.S. online population. Overall margin of sampling error is ±.81
percentage points at the 95% confidence level.
Some additional data comes from Javelin' s annual identity fraud survey
conducted using interviews administered by telephone with 4,784 U.S. adults
over age 18 with a sample that is representative of the U.S. census
demographics distribution. Data collection began September 19, 2008 and ended
November 7, 2008. For questions answered by all 4,784 respondents, the maximum
margin of sampling error is ± 1.4% at the 95% confidence level. For
questions answered by all 487 identity fraud victims, the maximum margin of
sampling error is ± 4.4% at the 95% confidence level. For questions
answered by a proportion of all identity fraud victims, the maximum margin of
sampling error varies and is greater than ± 4.4% at the 95% confidence
level.
Companies Mentioned
- Affinion
- Bank of America
- Chase
- Citi
- Equifax
- Experian
- ID Experts
- Intersections
- Marshalls
- MasterCard
- Mercantile Bank of Michigan
- Microsoft
- Mozilla
- TJMaxx
- TJX
- TransUnion
- Visa
- Wells Fargo
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