September 16, 2010, 12:02 PM

U.K. consumers want better notifications about transaction fraud

A new survey shows consumers are frustrated with late communications.

Thad Rueter

Senior Editor

Lead Photo

U.K. consumers want their banks to quickly provide information about potentially fraudulent payment card transactions, suggest survey data from Adeptra, which provides consumer resolution services for British and North American financial institutions.

In a survey of 200 U.K. consumers, 93% said their banks offer such notifications. The study did not address online retail purchases, but did cover the payment security of retail purchases in general.

Despite those notifications, consumers said they were concerned about how long it took to receive notification. While 98% of respondents said they wanted their banks to notify them within one hour of potentially fraudulent activity, only 8% said their banks actually acted that quickly. 62% said such notifications can take up to 12 hours, with 23% saying it can take up to a day, with the rest saying notifications can take more than a day to arrive.

94% of respondents said they would prefer automated notifications such as text messages, e-mails or automated voice calls from their financial institutions about possible fraud on their accounts.

“Across industries, including finance, utilities and retail, consumers are looking for quick, accurate and trustworthy communications, which is why automated solutions have gathered such popularity,” says Tony McGivern, chief technology officer for Adeptra.

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