Core Insights - The FICO survey indicates that fraud protection is a top priority for UK consumers when selecting financial service providers, with 70% ranking it among their top three considerations and 35% identifying it as their number one concern [1][2][6]. Consumer Preferences - Banking-related fraud, including stolen cards and identity theft, is the primary concern for consumers, overshadowing traditional scams like cash theft [2]. - There is a strong preference for biometric authentication methods, with 39% of respondents favoring fingerprints and 56% rating biometric security as excellent [6][4]. Impact on Banking Strategy - The fraud department is viewed as a critical asset for banks, not just a cost center, as it plays a vital role in attracting new customers and building trust [3][7]. - Banks that effectively balance strong fraud defenses with a smooth digital experience are likely to gain customer loyalty [3]. Customer Expectations - Half of the respondents expect to open a personal account in under 30 minutes, indicating a low tolerance for delays in the verification process [3][6]. - 18% of consumers abandon the account opening process if identity verification is perceived as too time-consuming [6]. Enterprise Fraud Strategy - Financial institutions are encouraged to adopt an enterprise fraud strategy that integrates data across various channels and prioritizes customer experience, which can help reduce fraud losses and enhance customer satisfaction [7].