One in Five Hit by Card Fraud in Past Five Years:
ACI Worldwide Survey

HALF (49%) Would Consider Changing Banks Following Card Fraud...22% "Would" Change Banks!

"Fraud reduction is
one area where financial institutions are able to take decisive and
positive action to reduce losses and enable them to protect their image and retain the trust
of their customers."
 

• Protect Your Customer...in fact "Enable Them"


• Protect Your Image...in fact "Enhance It"

Considering the drastic rise in cybercriminal activity, especially activity aimed at financial institutions, I would think that the key to any online banking branding strategy would be about protecting the customer from phishing and malware and protecting, better yet, enhancing the financial institutions image.  Those two principals should drive any strategy. 



Since banks cannot control whether their customers visit a malware infested website, they have to find another way to protect both themselves and their customers from malware.   The "other way" is to require their customers to Swipe vs. Type.  As I've said in the past, two of the three steps are already done by the bank.  They issue the card,  they issue the PIN, the last remaing issue is a device that reads the card and the PIN.   The best choice is a PCI 2.x certified PIN Entry Device designed for eCommerce use.



It's the fastest and familiar way to securely authenticate their user and by eliminating "typing" you eliminate the threats from malware and phishing.  These days, it's all about security.  The web is NOT secure.  Therefore financial transactions need to be conducted "outside" the browser space. 



However, for the sake of argument, let's assume those principals are not adhered to.   Assume that banks are willing to take the risk that their clients' online banking information will get phished, that it's "just a cost of doing business."   The game has changed.  When 50% of consumers say they might change banks if they (or somebody they know) experienced card fraud it's not just about phishing anymore.  It becomes a much more serious problem.  



I would think that banks might be less willing to take on the risk that half of their customers will jump ship.  That very real threat is one that HomeATM can eliminate as well.   We don't operate within the browser, we operate without.  We simply utilize the Internet as the "conduit" whereby the encrypted cardholder information is channeled.  It cannot be unencrypted until it reaches an HSM. 



Phishers can't phish if consumers don't type.   If online banking consumers are going to switch banks anyway, why not have a strategy to "swipe them" off their feet?  



I have to seriously ask...when will a bank "connect the dots" and offer their customers the only PCI 2.x  and TG-3 certified personal e-banking log-in device in two hemispheres.  It is a no brainer.  Guarantee their security.



What is the guarantee?  That your customers data is safe and therefore your customer is safe. 

Our device would render phishing useless by requiring secure 2FA login (swipe card/enter PIN)   With our device it doesn't matter what malware is on the computer, it wouldn't be able to steal username/password data because that data is NOT typed in anymore.  It might very well still be on the PC, but it's no longer used for logging in.  Typing has been eliminated and without typing, the bad guys can't steal your customer's card numbers.   Eliminate typing and you also eliminate the threat of  keyloggers, cloned bank websites, counterfeit cards AND losing your valuable customer to a competitor.



Two factor 3DES DUKPT End to End Encrypted PCI 2.x and TG-3 Certified Military Grade security... used for securing online banking log-in, money transfers, conducting more secure online transactions and thus enhancing your bank's image...all for $12 a pop?  Yeah...So get ahead of your competition by simply connecting the dots!  Your almost there...2 outta 3 ain't bad, but 3 outta 3 is better.

Editor's Note: In the US and UK 27% or 1 in 4 people have been toasted by card fraud.  Replace the toaster with a PCI 2.x certified PED.  And give them away!  Cause you care!  The money will come!  In fact, last time I checked (in April) the American Bankers Association said:

“Banks that demonstrate a keen understanding of customer needs and put forth capabilities that align with them can differentiate themselves from competitors, command higher pricing, and become the provider of choice for deposit-rich market segments.  Successful banks will develop programs that demonstrate industry understanding, critical product capability, and communicate commitment.”

When it comes to customer attitudes to card fraud, a fifth
of the respondents said they are not confident their financial
institution can protect them, with this number rising to over a third
in China.



What's more, almost half of respondents said that they would change
banks, or at least consider it, if they or someone they knew was hit by
card fraud.

Editor's Note:  Okay, now if I'm in the banking industry and I read this, I wouldn't be haunted anymore.  I would be excited.  Because I would see a HUGE opportunity to capitalize on these consumer behavioral attitudes.  If Half would change banks (even if it was just someone they knew who was hit by card fraud) that means I have the opportunity to "lure" them to my financial institution. 

Did I just say lure?  I did.   You can "Phish" for online banking customers by eliminating...phishing.

HomeATM's Online Banking program would  would keep banking customers safe and secure and attract dissatisfied customers who leave their banks.  It's simply a branding strategy.  You brand your bank as the most secure online banking system available.  And you secure it with a PCI 2.x and TG-3 certified system.  And you "give them away" with a smile on your face.  Because it empowers you,  protects your customers, enhances your image and will make you money! 

CONTACT:  ACI Worldwide

          Catherine Eyres

          +44 (0) 1923 812741

          Catherine.Eyres@aciworldwide.com