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Phoenix Synergistics: Evaluating Security and Privacy Issues for Financial Services

June 2016 | Financial
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Keeping fraudsters at bay is becoming more difficult in the face of evolving technology, and financial institutions are constantly evaluating new ways to keep their customers’ financial information safe and secure. Recent security breaches at retailers and other organizations have heightened consumers’ awareness and sensitivity to the possibility that their personal and financial information could be compromised.

In response to rising fraudulent activity, many providers have been intensifying their security tactics and exploring new techniques to safeguard consumers’ personal and financial information. Some providers are considering biometric security measures as a replacement for traditional usernames and passwords. Many have implemented fraud education and awareness pages on their websites to inform and educate consumers on how to protect themselves from fraudulent activity such as ATM card skimming, phishing, and ID theft.

Credit report monitoring, fraud alerts, and identity theft insurance are also available for consumers through various financial institutions and other agencies. Privacy policies are important in this security-conscious environment. Some financial institutions are seeking to improve these notices by making them more consumer friendly. It is important for providers to gain a clear understanding of the current consumer perspective and experience with regard to security and privacy issues in order to optimize their strategies for the future.

I. Report – List of Exhibits

II. Strategic Insights

III. Appendix – Comprehensive Strategic Summary

IV. Survey Results

V. Methodology

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