Pub. 6 2016-2017 Issue 6

20 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S FEATURE ARTICLE JESSICA MASHBURN SECURE IDENTITY SYSTEMS, LLC By aligning your banks’ insights into employee knowledge with federal regulation standards, banks will be able to rest easy knowing that their talent is operating under federal guidelines with the customers’ best interests at the top of mind. What is the first thing people do when they are a victim of identity theft? Call their bank, of course! Identity theft and fraud are at an all- time high because breaches increased by 40% last year* and are not slowing down. The bad guys remain one-step-ahead and everyone is reminded every time we turn on a TV or read the news about a new, massive breach. People naturally look to their banks to protect their money, and in almost all cases, financial fraud starts with identity theft. Everyone knows it’s not a matter of “if” but “when” andarepaying$10-$30+amonth for identity monitoring to protect themselves. Consider the opportunity… 50% of consumers said they would switch their financial institution for one that offered better protection against Iden - tity Theft.-Harris Poll Is your customer base at risk? The connection is clear. People look to their banks to feel safe and a bank that offers themost robust security and identity/ fraud protection wins. Did giving away barbecue grill sets ever really work? New account opening incentives are nothing new. Finding a new product that will appeal to a large percentage of people is a crapshoot and a cash incentive is a one-time deal. What we do know is that millions of people are paying hundreds of dollars a year for identity monitoring. When a bank offers this protection for free, it doesn’t just provide a one-time incentive to open an account, but a daily reason to stay. How can your bank differentiate itself in a competitive market? Don’t just provide a service you can add to your product list! Opportunity is lost by simply posting an “identity theft protec- tion” ad on your homepage at a discounted rate (this does not work). Directing victims