More than two out of three consumers list good fraud protection as a top priority when choosing a new financial service provider, according to a new survey by the credit scoring services firm FICO. The survey found that 69% of respondents ranked fraud protection as one of their top three considerations when choosing a new financial institution, ranking it higher than “ease of use,” “good customer service” and “good value for money.”
The survey also asked respondents about what types of fraud they are most concerned about. Tying for the top concern were “a fraudster using my identity to open an account” and “my debit or credit card being stolen and used,” with 71% of respondents listing the two among their top three worries. In terms of identity protection, a majority of respondents felt confident that fingerprint and face scans provide “excellent protection,” although about one in three respondents expressed a strong preference for usernames and passwords.