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Security Breaches Hit Financial Data

Security Breaches Hit Financial Data
  • Many financial customer accounts and banks have been compromised as a result of security breaches in recent times, according to a new survey. A poll conducted by ACI Worldwide showed that 22 per cent of customer accounts have been affected by breaches and this means banks, as well as financial service firms, are looking at increasing security. In total of 50 per cent of US-based financial industry executives are currently considering investing in technology that will help detect fraud, while 42 per cent of customers have responded positively to banks that have reacted to breach occurrences. Many banks also revealed plans to revise their current EMV strategies, especially as some UK-based financial institutions believe the use of secure chip and PIN methods has directly reduced incidents of fraud.

  • “Managing fraud in the wake of a data breach involves having the right tools to detect fraud early on and having customer communication programs that proactively address account holders’ concerns,” said Mike Braatz, senior vice president and product line manager, payments risk management, ACI Worldwide. “Without proper proactive and reactive fraud protocols, banks and issuers risk losing customers and trust in their brands, even when the breach is through no fault of their own.”

  • The research highlighted that companies need to ensure they react in the correct way to breaches because it could have a long-term impact on customer satisfaction and retention – with 12 per cent believing a lack of security could lead to a brand developing a negative image. Investment in combating fraud is set to rise, with three-quarters of firms looking at spending on additional resources to deal with the issue, with many planning to increase expenditure on fraud detection technology. Appropriately skilled staff may also be key to tackling data security. A total of 15 per cent are set to invest in training for fraud management teams and a further ten per cent are looking at recruiting new employees to deal with the issue.

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