BUILDING BRAND PERCEPTION IN THE FIGHT AGAINST CYBERCRIME

By Karen Wheeler, Country Manager, Affinion

 

Cybercrime is a growing problem. Whether it’s the hacking of email and social media accounts, data trading on the dark web, ransomware or ID theft, no country is unaffected.

 

Worldwide it costs businesses around £450 billion and according to the Cybercrime SOS report, 61 per cent of consumers view it as a real and tangible threat. While one in three people have already been affected or know someone impacted by ID theft, consumers do not have a natural destination to turn to when they fall victim to cybercrime. In this void, banks are emerging as the go-to contact for cybercrime, so what should they do to ensure they’re offering the best possible service?

 

Who to turn to?

Consumers are more confused than ever about how to stay safe online. Our research shows that more than 33 per cent of people don’t know that using the same password across multiple accounts is dangerous, while 54 per cent are unsure or don’t know that https:// signifies a secure website. Significantly, only 25 per cent of respondents feel sure of their own abilities to solve a cybercrime, with many turning to key companies in their life for help.

 

This lack of consumer confidence reveals a real opportunity for banks to provide long-term value for their customers. Typically, consumers contact their bank when crimes have a financial implication, but 67 per cent of respondents said they would trust their bank to prevent a cybercrime. This is significantly more than the police (14%) or provider of the service affected (15%).

 

Crisis of confidence to long-term loyalty
When victims of cybercrime are helped by their banks, the businesses are viewed as providing additional value, which results in goodwill and increased trust in the company, building long-term confidence and certainty in our volatile financial climate. Around 70 per cent of victims reported their last incidence of cybercrime and according to our research the majority of cases were solved – less than 1 in 10 (8%) remained unsolved.

 

After a cyber incident, 81 per cent of respondents were satisfied with the resolution – meanwhile, 64 per cent said they felt more positively about the company that helped them with their cybercrime issue.

 

In November 2018, Which? spoke to more than 900 consumers to find out how their provider or bank had dealt with them after they were defrauded by card criminals. They ranked credit card companies and bank account providers by their overall level of helpfulness. Among the criteria reviewed was the speed of receiving a replacement card the guidance that was given on how to minimise the risk of fraud in the future, the communication provided by the bank following the fraud, and how customers would rate the overall reaction to the fraud.

 

Interestingly, banks scored the lowest for the guidance they give about minimising fraud risk in the future. This shows that while they are generally responsive and helpful when customers are in the middle of a crisis, there is room for improvement in terms of proactive engagement and education.

 

Prevent, detect, resolve
Some banks already offer cyber and ID protection services that help to educate and empower customers to protect their data and identity while being aware of potential scams. For example, Barclays has invested significantly in its DigiSafe in Cyber Space programme to roll out cybersecurity training to communities across the UK.

 

Our research shows that 70 per cent would continue using their bank or credit card if cyber or ID protection services were included. Many of these services offer prevention (raising threat awareness, device security apps), detection (monitoring and scanning of the web, social media and dark web to pinpoint data risk, alert services) and resolution (an accredited helpline to provide guidance and solutions).

 

For example, Aqua credit card customers get automatic protection provided by Noddle. This includes the Noddle free monthly credit report and an alert system which instantly notifies you if someone tries to open an account in your name.

 

 

Preventing knee-jerk reactions

Consumers lack confidence in their ability to solve the devastating effects of cybercrime and unfortunately, the first response can be reactionary. Of the respondents in our report, 22 per cent terminated their bank account, six per cent stopped using social media, five per cent refrained from using online banking. Furthermore, 17 per cent no longer used Wi-Fi networks, which would likely cause considerable inconvenience and monetary implications.

 

There is clearly a commercial imperative for banks to educate and inform people of the appropriate cause of action. Providing guidance and support when faced with an attack, and ongoing education about internet and digital security, could ensure banks don’t lose hard-won customers.

 

As the cyber world becomes increasingly complex and consumers make use of more online platforms and store more data online, there is a growing opportunity for banks to provide safety and assistance. Taking responsibility for nurturing cyber-aware customers builds trust, bolsters brand reputation and ultimately deepens the customer relationship.

 

spot_img

Explore more