Though as many as 46% of Americans are concerned with identity theft, banks that support efforts such as mobile banking should be cautious in how they communicate the issue to consumers, Susan Menke, behavioral economist at Mintel Comperemedia, tells CardLine in analyzing the results of an online Mintel survey of 2,000 Americans delving into their concerns about identity theft.
As banks launch products such as mobile banking, they should be subtle about communicating the risk of identity theft to avoid dissuading consumers from using the product, Menke says. “Education is the key,” she says. She suggests putting a certificate on the advertising to make the ID theft protection measures look official. It gets the message across but “it doesn’t scream at you,” she says. Identity theft is important to consumers, especially when choosing financial institutions and their products, Mintel says.