04/13/2023

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Online Banking and the Risk of Identity Theft

Team 5:

Alina Rayas

Cesar E. Romero

Enrique A. Quintana

Manuel Rangel

Wells Fargo Bank

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History

Founded in 1852, San Francisco

Offered Gold Banking Services

Used the Railroad to deliver Gold

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Growth & Development

More then 70 Million Customers 75% use online banking

Wells

Fargo

Mortgage

Services

Banking Services

Investment

Services

Insurance

Services

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SWOT Analysis

StrengthsNo. customers

#1 Mortgage/Small Business lender

#1 Private student loans lender

WeaknessesNot a global companyRisk of identity theft

Opportunities Technology enabled services Become a global company

ThreatsOnline Scams

Wells Fargo

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NATURE OF COMMUNICATION

STRATEGY

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WF Communication Strategy

www.wellsfargo.com

WF Banking Apps

Customer Service

ATM’s

Bank Statements

Bank Branches

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WF Communication Strategy

1-800-TO-WELLS(New and existing customers) 24 hours a day, 7 days a week

To report identity theft, suspected fraud or lost/stolen debit cards or checks:1-800-869-3557

Lost/stolen credit card or suspicious credit card transactions:1-800-642-4720

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WELLS FARGO VISION AND GOALS

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Wells Fargo Vision

Their vision is based by believing that all

customers can be better served and they can

save time and money by giving all of them

financial services from one trusted provider

that know them well.

“We want to satisfy all our customers’

financial needs and help them succeed

financially.”

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VALUES

Values guide their decisions, interactions and conversation among their team members and customers.

People as a competitive advantage Ethics What’s right for customers Diversity and inclusion Leadership

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Goals

Revenue Goal Financial Goal Goal for every customer Goal for their stock Reputation Goal Goal for social responsibility

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Current Challenges of Mobile Banking

High risk of identity theft

Young customers post personal details on many

social media sties

Data from 2010 to 2011 shows a slight increase in

identity theft

False sense of protection on social media and

smartphones

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Solutions to Mobile Banking

What banks are doing: Banks are updating and monitoring

security measures on mobile apps 24/7 Banks are decreasing the time of

inactivity when logged on with a mobile app

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Solution to Mobile Banking

What Customers can do: Protecting your password by making it

unique Using the mobile devices built in lock

function Downloading banking apps from trusted

sources that include iTunes and Droid market