Financial institutions have long been one of the most popular targets for thieves. Whether an old-school bank robbery or the cyberattacks of today, protecting consumers and their money is very serious business. However, a recent survey by FICO shows that although consumers are happy to have cyber protection from hackers, they’re not happy about having to be part of the security process. In other words, having to jump through security hoops when opening accounts or banking online is proving annoying and frustrating to consumers in the FICO survey. It may be more crucial than ever for financial institutions to educate their account holders about cyber-smart hygiene and the importance of maintaining the security process.
The FICO survey polled 2,000 US adults on security measures that financial institutions use to help keep consumer accounts as secure as possible on the user end. A shocking 80% of respondents didn’t understand why security steps like two-step verification (48% of respondents) and strong passwords were necessary. In fact, 64% didn’t see the need for elaborate passwords at all, and 71% found captcha codes were frustrating at best. Unfortunately, other survey findings don’t get much better, including 47% finding calling customer service and having to answer “endless security questions” tiring. The survey also finds that 78% found keeping track of their passwords troublesome for the average 34 online accounts they have. Even going into a bank branch to open an account is troublesome, with 22% saying they would go to another bank if it meant providing less security documents or abandon opening a bank account all together.
These results show just a snap shot of the struggle financial institutions face when securing customer accounts. It’s not only getting clients to understand security measures, but also having them properly follow the process that is challenging.
The good news is there are many services and products available to keep both financial institutions and their customers up-to-date. Effective data system protection is key to security as well as continually educating employees and customers to hacking hazards they may face on a daily basis. As the FICO poll results show, the importance of an educated consumer who is dedicated to keeping cyber-safe is perhaps the best customer of all.