Consumers Want Banks, CUs To Make Good On Phishing Scams

Register now

In what may be a frustrating perception for credit unions and other financial institutions, most consumers believe it is the responsibility of the financial institution to protect them from identity theft, even when they voluntarily gave up account information in a so-called "phishing" scam.

Even if they were fooled by a fraudulent, lookalike e-mail claiming to be from their financial institutions, 61% of consumers said their bank or credit union is responsible for it.

In cases where phishing was not involved, 91% believe it is the responsibility of their financial institution or credit card issuer to protect them.

Fifty-two percent said they believe their financial institution is not doing enough to protect them. Another finding in the survey of more than 1,000 Americans sponsored by MailFrontier: 40% of consumers noted that they will switch to another bank and/or credit card company that does offer protection from online identity theft.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER