The Rebirth of Identity Protection in Financial Services
- Date:June 27, 2018
- Author(s):
- Test
- Kyle Marchini
- Report Details: 16 pages, 6 graphics
- Research Topic(s):
- Fraud Management
- Fraud & Security
- PAID CONTENT
Overview
In 2012, regulators began to censure financial institutions and credit card issuers for certain practices related to identity protection offerings. After more than $2 billion in fines and settlements, the expectations of consumers and the institutions that seek to offer identity protection services (IDPS) have changed. In the interim, free credit scores have become a pervasive offering among major institutions.
Unfortunately, this has muddied the waters at a critical juncture when consumers are increasingly looking to their financial institutions to help protect their identities. A return to identity protection in banking would benefit consumers and FIs alike, but the road to adoption is complicated by mixed messages and bad memories.
This original report, sponsored by EZShield, examines the opportunity for financial institutions to offer identity protection services to their accountholders, in light of the fraud threats faced by digital-first consumers. With consumers facing a growing array of fraud threats, they are desperately in need of stewards that will help safeguard their identity and look to their financial institutions for help.
This research report was independently produced by Javelin Strategy & Research. Javelin Strategy & Research maintains complete independence in its data collection, findings, and analysis.
Methodology
Consumer data in this report is based on information gathered in several Javelin surveys administered in 2014, 2015, 2016, and 2017. Data was gathered and weighted to reflect a representative sample of the adult U.S. population:
- A random-sample panel of 2,129 respondents in a December 2017 online survey. The margin of sampling error is ±2.12 percentage points at the 95% confidence level. The margin of sampling error is higher for questions answered by subsegments.
- A random-sample panel of 5,000 respondents in an October/November 2017 online survey. The margin of sampling error is ±1.39 percentage points at the 95% confidence level. The margin of sampling error is higher for questions answered by subsegments.
- A random-sample panel of 5,028 respondents in a November 2016 online survey. The margin of sampling error is ±1.40 percentage points at the 95% confidence level. The margin of sampling error is higher for questions answered by subsegments.
- A random-sample panel of 3,100 respondents in a August/September 2015 online survey. The margin of sampling error is ±1.76 percentage points at the 95% confidence level. The margin of sampling error is higher for questions answered by subsegments.
- A random sample panel of 3,100 respondents in an August/September 2014 online survey, the margin of sampling error is ±1.76 percentage points at the 95% confidence level. The margin of sampling error is higher for questions answered by subsegments.
Download Whitepaper Form
Related content
KYC Revolution: Automated Solutions Tackle Compliance and Fraud Challenges
Traditional know-your-customer processes—which are often manual and conducted only during onboarding processes—leave gaps in fraud and money laundering detection, exposing organiza...
Deepfake Fraud Alert: How FinCEN’s Guidance Affects Banks
Even though deepfake-related fraud suspicious activity reports are on the rise, many financial institutions do not have a deepfake detection solution. FinCEN’s recent alert notes t...
2025 Fraud Management Trends
Innovation is the name of the game in 2025. Though the financial services industry is always working to develop the latest and greatest technology for fraud detection and preventio...
Make informed decisions in a digital financial world