Millennials are More Likely to Change Banks Due to Fraud
A recent FICO survey revealed that 29 percent of millennials will move their money out of a financial institution that has experienced a fraudulent incident. This percentage was higher than older generations. The plethora of options for consumers in the financial institution industry as well as the ease of switching has partially driven the trend for millennials to make a change should their bank be the victim of some kind of attack. Although most institutions have similar defenses against fraudulent activity, this hasn’t prevented millennials from closing accounts and moving to other institutions. The public perception may be inaccurate, but the ease with which one can switch institutions emphasizes the importance of a strong cybersecurity system to safeguard against fraudulent activity and retain customers.
For additional information, please see the attached article entitled “Millennial Customers Will Flee if Their Bank Accounts are Hacked“, written by Jessica Dickler, Personal Finance Writer, at CNBC.