Account Fraud is Currently at 30%, but Still Only 87% of Consumers Examine Their Credit Reports Once a Year.

DUBLIN, Ireland -- Research and Markets (http://www.researchandmarkets.com/reports/c27074 ) has announced the addition of Fighting New Account Fraud: Providing Credit Monitoring Services For Consumer Protection and Loyalty to their offering.

Consumers can effectively detect costly fraudulent new accounts through fee-based credit monitoring services. Our data indicates that 87% of consumers monitor their credit reports only once a year or less. Financial institutions (FIs) offer these services in order to increase customer confidence, safety, and loyalty. Although new account fraud represents only 30% of the $52.6B in US annual identity fraud, it remains a primary concern since it is more difficult for consumers to detect and results in higher average per case losses. There is an outstanding opportunity for FIs to enhance loyalty and gain revenue by offering reasonably priced credit monitoring services to this vast majority of inactive consumers.

Primary Questions

--How frequently are consumers monitoring their credit standing and activity?

--How much does credit monitoring mitigate new account fraud?

--How can banks offer credit monitoring services that enhance customer loyalty, generate revenue, and protect against new account fraud?

For more information visit http://www.researchandmarkets.com/reports/c27074