Current event synopsis 2 page Term Paper Example | Topics and Well Written Essays - 500 words

Current event synopsis 2 page - Term Paper Example Ron Lieber highlights the extent to which customers suffer after their card information falls on rogue hands. The primary effect of debit card fraud is the realization of a sour relationship between providers of financial services and their customers. In light of the article, First American Bank, Bank of America, Taxi operators, and debit card service providers such as MasterCard and Visa face strive to retain their customers after cases of fraud emerge. This is because fraud affects customer trust, loyalty, and general satisfaction with the companies caught up in fraudulent transactions. To ascertain their commitment to customer welfare, banks and businesses are quick to implement strategies that assure customers of their financial safety and security. One of most employed strategy is the practice of zero liability policy. This policy ensures that customers are not liable for transactions that they do not approve. Moreover, banks and other financial providers replace affected debit cards shortly after cases of fraud are reported. Amid diverse and dynamic efforts to minimize the impact of fraud on customer satisfaction, the article maintains that frustration and dissatisfaction are still evident among customers. Debit and credit card users become financially insecure once they fall victim to fraudulent card transactions. Over and above that, reimbursement of funds takes time to go through. Affected customers have to wait for an uncertain period before they can regain access to lost funds. The conclusion drawn by the article’s author holds that debit card fraud results in customer frustration. In particular, Ron Lieber notes First American Bank and the Bank of America as the recent institutions to suffer customer frustration following debit card fraud. This comes shortly after Target, a leading retailer, lost customers’ debit and credit card information to hackers on one of the busiest shopping days in America. Ron Lieber’s