Financial institutions have reported being impacted by the recent data breaches with 78% of customer account and banking professionals surveyed reporting that they had been affected, according to the recent survey by ACI Worldwide.
The survey, which was conducted with a small sample of 50 financial industry professionals on 10-11 March 2014 at BAI Payments Connect, revealed that 44% of the professionals asked thought that customer accounts had been compromised.
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Over 15% of respondents held recent breaches responsible for putting increased pressure on fraud operations, while 12% indicated to have suffered a negative impact on their brand. However, 22% respondents felt no direct impact from breaches.
ACI Worldwide payments risk management senior vice president and product line manager, Mike Braatz, said managing fraud in the wake of a data breach involves having the right tools to detect fraud as early as possible and using customer communication programs that proactively address account holders’ concerns.
"Without proper proactive and reactive fraud protocols, banks and issuers risk losing customers and trust in their brands, even when the breach occurred through no fault of their own," Braatz added.
The survey also found that 50% respondents were looking to invest in fraud detection technology, with over 15% providing more training for their fraud management teams, and 10% beefing up staff with new personnel.
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By GlobalData
