Mortgage

Almost 25% of Americans report falling victim to financial data breaches

Still willing to trust their bank

In just the past two years, nearly one fourth of consumers reported that their financial data had been hacked online in the past two years, according to a new report from a survey on the banking industry by Accenture.

The report is based on an online survey of 4,013 bank customers in North America, and was conducted by Accenture, a global professional services company that provides solutions in strategy, consulting, digital, technology and operations. About 70% of respondents were based in the U.S. The remaining 30% were based in Canada.

Despite 23% of respondents reporting financial data hacks, consumers are still willing to share their data in order to receive better service from their bank. About 63% of respondents are willing to give their bank direct access to personal information.

Respondents give access to information such as mortgage, credit card and student loan data in order to let their bank use it to present them with suitable products and services. Respondents want banks to use the information to provide them with lower prices, faster service, such as rapid loan approval, more relevant advice and personalized offers based on location.

Readers of HousingWire magazine know from April’s issue (paywall) dedicated to cyber security that this is a rising problem.

In fact, recently, the National Association of Federal Credit Unions urged congress to pass legislation that would require stricter standards for retailers in the fight against hacking.

Experts on a panel at the Mortgage Bankers Association Mortgage Servicing conference in February outlined the threat trends facing the mortgage industry and what companies could do to make their companies safer from a cyber-attack.

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