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Building Loyalty by Marketing Privacy and Consumer Rights

Building Loyalty by Marketing Privacy and Consumer Rights. The Obvious News:. You are one of many Choices. The Bad News:. When it comes to Privacy and Fraud Issues, members are trusting their current banker less. Slides about less trust. What has changed?.

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Building Loyalty by Marketing Privacy and Consumer Rights

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  1. Building Loyalty by Marketing Privacy and Consumer Rights

  2. The Obvious News: • You are one of many Choices

  3. The Bad News: When it comes to Privacy and Fraud Issues, members are trusting their current banker less.

  4. Slides about less trust

  5. What has changed? • Your member has lost control of their personal information.

  6. What happened: The Gramm-Leach-Bliley Act.

  7. “The Financial Privacy” Act

  8. The GLB Act: • Required “Opting Out” rather than “Opting In.”

  9. The phony message: • “Because we value your privacy….”

  10. The result: • Nobody responded! • Less than 10%

  11. Instantly sold: • Name • Address • Balances • Who you write checks to • Anything but account numbers • Existing information

  12. The result: • Everybody inundated with junk mail.

  13. At the same time: • Businesses careless about security. • Casual when security theft happens.

  14. 45,000,000 • Major retailer customers compromised • Company response: • Oops! • “And, anyway, no one has had their identity stolen yet!”

  15. The P.R. Line • “No one has had their security stolen yet!”

  16. Why the P.R. Excuse is Worthless: • Identity Theft Doesn’t Happen overnight. • It doesn’t happen one person at a time.

  17. Identity Theft: International Trade • Online Crime Forums • Criminals trade and sell your info • “Match” legit info with stolen info.

  18. CardersMarket • “The eBay of crime”

  19. Hundreds of similar sites • Shadowcrew.com • Darkprofits.com

  20. Hundreds in operation • Ten shut down • All selling data stolen from companies like major retailers and info brokers

  21. The value of your members’ information: • Actual credit card with pin : $500.00 • Card number with pin: $7-25 • “Data Bunch” • Account number • Billing address • Social security • Birthday $80-300

  22. Money! • Drivers License: $150.00 • Birth Certificate (or copy) $150.00 • Social Security Card 100.00 • Paypal account log-on 7.00

  23. How Long Until Your Stolen Info actually used? • Can be years.

  24. Favorite organized crime target: • Credit unions

  25. “Easier to crack” • Credit Unions

  26. And it doesn’t take I.D. Theft! • What happened at a high-security credit union:

  27. Organized Crime and Advanced Phishing: • Phish screen pops-up on real Citibank screen

  28. Many Variations! Over 26,000 different Phishes!

  29. Right now, your members receive: • Ten Email Phishes Per Week • Instant Messages

  30. Intrusion in the Marketplace • “Harvesting” while you shop. • AOL & “Connectivity” • No consequences for companies.

  31. Whatever the intrusion: • They are concerned. • Their Pocketbooks and Credit Is Jeopardized. • They are mad.

  32. The Result? • A Core Drop In Trust: • “Nearly 80 percent of consumers willing to switch financial institutions for better security.” Unisys Corporation

  33. Who Likes this? • The banks!

  34. They’re claiming the high ground!

  35. The Funny Thing: • Banks are part of the problem. • Information-sharing problem. • Banks place hurdles for customers. • “Security Centers” serve as “outs” for banks

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