Most consumers ready to switch banks over fraud protection measures

A new study reveals growing anxiety among consumers that weaknesses in their banks' fraud-protection measures could leave them exposed to scammers, this would result in the vast majority (75 percent) switching providers.

For the report from Jumio sampled the views of more than 8,000 adult consumers, split evenly across the UK, US, Singapore, and Mexico, with research carried out by Censuswide.

Mexicans are most likely to switch banks over poor fraud protection (83 percent) followed by those in Singapore (78 percent). In both the US and UK 69 percent say they would switch if fraud protection wasn't strong enough.

In addition 75 percent of consumers worldwide feel their banking service provider bears ultimate responsibility for protecting them against cybercrime and fraud.

With high anxiety around deepfake technology at an all-time high, more than two-thirds of consumers (67 percent) are concerned about whether their bank is doing enough to protect them against deepfake-powered fraud, while 69 percent want to see stronger cybersecurity measures in general.

2This data should be a wake-up call to banks and financial institutions -- your customers will take their business elsewhere if you don't protect them from fraud," says Anna Convery, Jumio's CMO. "As cybercriminals become more savvy with their tactics, it's essential to fight AI with AI. Banks must implement multimodal, biometric-based verification systems that layer in liveness detection and other advanced technologies to stop deepfakes, detect camera injection and presentation attacks, and prevent stolen personal information from being used."

You can get the full study on the Jumio site.

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