Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
90 of consumers unfamiliar with ATM skimming
AUSTIN, Texas (12/16/10)--Nearly 90% of consumers surveyed are not familiar with ATM skimming, indicating a need for education about potential threats at ATMs, according to a Wincor Nixdorf, an information technology solutions provider for retailers and retail banks. The survey also learned that all things being equal, 63% of consumers polled would switch to another bank if it offered a more advanced ATM security. The Austin, Texas-based company, which offers anti skimming services and other advanced security services, polled U.S. consumers about their knowledge and preferences and about trends around ATM security. Most polled were unaware of popular fraud tactics such as ATM skimming, where con artists place a device at the card entry slot on an ATM to steal personal identification numbers and card information. Skimming costs roughly $350,000 in monetary losses a day and is occurring five times more frequently this year, Wincor Nixdorf, said, citing Secret Service statistics. While 89% reported being a victim of an ATM fraud, nearly all expressed concern about fraud at the machines. "The ATM has become the primary customer touch point for many financial institutions, so it is critical that retail banks offer the most sophisticated security software to protect their customers," said David Hadesty, vice president of product management for Wincor Nixdorf's U.S. banking division. "There is real opportunity for banks to leverage the ATM channel to grow revenue, increase customer retention and create the optimal banking experience for the user," said the survey report's executive summary. "Consumers are truly craving automation in their financial transactions--preferring any feature and functionality that saves time and money." It also said financial institutions "need to embrace self-serve, not teller, interactions, and that institutions that disregard the growing preference for the self-serve model are risking losing customers. Other findings:
* Consumers surveyed prefer to interact with an ATM than a teller; * More people preferred to make their deposits at an ATM than with a teller; * Cash and check deposit functionalities were key to the ATM; * Most with envelope-less deposit capability said the capability is important, and most in this group said they would use the feature at least three times per month.
The company polled 200 U.S. consumers ages 16 to 64. Seventeen percent of the respondents were credit union/virtual bank members/customers, 63% were customers of large national banks and 20% of regional/community banks.


RSS





print
News Now LiveWire
MI pediatric dentist pledges $20K match to Hurley Children's Hospital if it wins @CUDirect's 20 for 20 http://t.co/Eq2nIPm6jo
8 minutes ago
Kids learn budgeting with M&Ms http://t.co/SzXipTLX12
48 minutes ago
Neb. #creditunions report widespread growth: 3Q review #NewsNow #system http://t.co/BavEljz15w
1 hours ago
Economic growth leaps in Nov, @ChicagoFed reports http://t.co/8Xo9lKLFf2
2 hours ago
#NewsNow Redwood CU branch manager will do double duty as mayor http://t.co/yRnkcQYrEG
2 hours ago