3M uses cookies on this site Detailed information on cookies and their use can be found in our Privacy Policy. You can customize the cookie-related settings at any time by clicking on Cookie Preferences in the footer of this page.

By clicking "Accept and Proceed" you acknowledge that you agree to the use of cookies on your computer

Accept and Proceed

Skip to Primary Navigation Skip to Site Navigation Skip to Main Content All 3M.com Site Map

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.

Share This Article
Share This Article
3M™ Privacy Filters Aid Compliance To Data Protection Guidelines In The Banking Sector
Find Out More
Why Choose 3M To Protect Your On Screen Data?
Find Out More
Do You Have A Privacy Or Protection Product Query or Question?
Get In Touch!

Tell Us More About Your Privacy Needs! (e.g. the volume and type of devices your looking to protect) 

    • About You
    • Getting In Touch
    • Your Message
  • 3M optical solutions division offers a wide range of products and services and would like to tell you about them and any other offers we believe may interest you. This would be by letter, telephone or e-mail. If you do not wish 3M to do this please tick the appropriate boxes.

We will only use this information to respond to your request but please refer to our Privacy Policy for full details.

Get In Touch
Prefer To Speak To A 3M Visual Privacy Expert On The Phone? Call Us Now On: 0300 3038161