Earning Consumer Trust in the Age of Data Security

Jacob Jegher, a research director at Celent, is seeing "massive" increases in spending on security and fraud technology initiatives among U.S. banks. A recent benchmark study from Cornerstone Advisors found that banks spent 29 percent more on fraud detection in 2014 than they did the previous year; this was their biggest jump in spending. To that point, Terry Roche, a partner at the firm, states, "Fraud is so front and center in people's minds, both from a loss and an audit and compliance regulatory standpoint, I'm not surprised that went up. Particularly in things like payment fraud where you've got card-not-present fraud jumping heavily."