Half of UK customers would switch banks if bank was involved in money laundering

According to a new survey, more than half of UK consumers would switch banks if their bank was involved in a money laundering scandal.

According to the survey, 56 percent of British customers would switch banks if a money laundering scandal occurred.

According to research conducted by FICO, a global analytics software provider, banks could face significant customer losses if they become involved in a money laundering investigation.

Of the 1000 people polled, 68 percent of those aged 25 to 34 said they would switch providers, while 64 percent of those aged 18 to 24 said they would switch as well.

"There have been several high-profile money laundering scandals in the last few years, and consumers have clearly had enough," said Matt Cox, Vice President and General Manager, EMEA at FICO.

"This raises the stakes for banks and means that powerful controls are more crucial than ever," he added.

Over half of those polled thought banks treated customers who had been victims of fraud fairly, while only 6% said they were most concerned about being scammed.

"The rise of scams during the pandemic has been truly frightening… This is creating a challenge for banks, which need to walk the line between stopping scams and enabling a smooth customer experience during financial transactions," according to Mr Cox.

By fLEXI tEAM