By: Barry Moltz
Security is a huge topic these days with recent news around the world. What’s more, the Internet and the electronic world is not getting any safer. Banks lose billions of dollars a year in online fraud. But at what point does security become too tight that it negatively affects the customer experience? I got my answer on Sunday.
Citibank has always had tight security to access accounts or to spend money through a debit card. I accept that I need to enter a password to see my account and that this needs to change often. But on Sunday, Citibank implemented a new procedure: After getting into my bank accounts and viewing various transactions, I had to pass another security check where the system calls my cell phone in order to print a bank statement. Unfortunately, the phone number it had on file was disconnected. When I called customer service they said that change could take 24-48 hours to process? What?
I had already entered my password, why another security check to print off a bank statement? I could already see the entire account and only wanted the information in another form.
This is when security becomes too tight. This is where Citibank is only protecting itself from fraud and not the customer account. In addition, if there are problems, customer service should be able to make changes and remedy the situation instantaneously.
It has been too long that banks drag their feet in the name of security or procedure. It is time that they become as responsive to their customers as other businesses need to be on a connected 24/7 world.
