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Overview

In 2015, nearly 1 million accountholders switched primary financial institutions as a result of fraud. Poorly handled by the victim’s FI, fraud can prove a tremendously disruptive event. Conversely, quick detection and pain-free resolution can reinforce trust and build opportunities for further engagement. Effectively addressing the risk of post-fraud attrition requires proactive steps by FIs throughout the fraud life cycle — from pre-fraud education to customer-friendly resolution. 

Key questions addressed in this report:

  • How much threat does post-fraud attrition pose to financial institutions?
  • What are the key factors that drive victims to switch FIs after fraud occurs?
  • Which fraud victims pose the greatest risk of switching their FIs?
  • What measures are most effective at retaining accountholders’ loyalty when fraud occurs?

Companies Mentioned: Citibank, Ondot

Methodology

Consumer data in this report is based on information collected in random-sample panel surveys of:

  • 10,639 consumers in a May 2016 survey. The margin of sampling error is ±0.95 percentage points for questions answered by all respondents.
  • 5,111 consumers in an October/November 2015 survey. The margin of sampling error is ±1.37 percentage points for questions answered by all respondents.
  • 3,200 consumers in an October 2015 survey. The margin of sampling error is ±1.73 percentage points for questions answered by all respondents.