to help enterprise security across Europe
The resource centre for busy senior executives seeking the latest insights into IT Compliance & Privacy issues for major organizations
 
sarbaines oxley ofcom communications regulator
Latest Resources      data protection register
compliance resources privacy resource center

Breaking Global News
Global Compliance and Privacy News
- Breaking News, updated every 30 minutes
•   Compliance, Privacy and Security
•  Money Laundering
•  Phishing
•  Regulatory Issues
•  SOX, Basel 2, MiFID


You Tell Us:
S
S
L

T
E
C
H
N
O
L
O
G
Y
We use SSL Technology for web data entry points:

Always
Sometimes
Never
What is SSL?

News
Are Smartphones Endangering Security? - Wick Hill
Dealing with Internet Security Threats - Ian Kilpatrick
How the New EU Rules on Data Export Affect Companies in and Outside the EU - Thomas Helbing
Farmers' Data Leak Highlights Old Technology Use - Wick Hill
Saving Money with SFTP - Wick Hill
UK Information Commissioner targets firm selling vetting data - Eversheds e80
12 Key Steps to Internet Security - Wick Hill
Telephone Monitoring Legality in the UK - Dechert
Firewall or UTM - Wick Hill
UK Information Commissioner demands mobile device encryption - Eversheds e80
Data loss - liability, reputation and mitigation of risk - Eversheds e80
Phorm, Webwise and OIX - BCS Security Forum
The challenges of PCI DSS compliance - Thales, Russell Fewing
"Quality" Data Vendor Spams us! Editor astounded!
National Gateway Security Survey 2008 - Wick Hill
Unified Threat Management - Watchguard Technologies

news archives
:
0 | 1 | 2 | 3 | 4 | 5 |
6 | 7 | 8 | 9 | 10 | 11 |
12 | 13
[What is this?]

Industry Blogs
Tim Berners Lee's Blog
Tim Callan's SSL Blog
Davis Wright Tremaine's Privacy & Security Law Blog
Emergent Chaos Blog
Michael Farnum's Blog
Phillip Hallam-Baker's Blog - The dotFuture Manifesto: Internet Crime, Web Services, Philosophy
Stuart King's Security and Risk Management Blog
David Lacey's IT Security Blog
Metasploit Official Blog
Jeff Pettorino's Security Convergence Blog
Jeff Richards's Demand Insights Blog
David Rowe's Risk ManagementBlog
Bruce Schneier's Security Blog
Larry Seltzer's Security Weblog
Mike Spinney's Private Communications Blog
Richard Steinnon's Threat Chaos Blog
The TechWeb Blog
Tim Trent's Marketing by Permission Blog
Rebecca Wong 's DP Thinker Blog

Newsletters
23 February Newsletter
Newsletter Archives are located in "News"

Industry Update
Internet Security Intelligence Briefing - November 2005
Find out the latest trends in e-commerce, web usage & the latest threats from adware/Spyware

Reports
Phorm, Webwise and OIX
- BCS Security Forum

'The Any Era has Arrived, and Everyione has Noticed' - Stratton Sclavos - VeriSign
Identity Security - Time to Share
Malicious code threats - iDefense
Public Alerts - updated as they happen from Stopbadware.org
Public Alerts - updated as they happen from Websense
Public Advisories - updated as they happen, from iDefense
Phoraging - Privacy invasion through the Semantic web: a special report by Mike Davies of VeriSign

Legislation
Privacy Laws & Business International E-news, Issue 57
Privacy Laws & Business UNited Kingdom E-news, Issue 60

Security Reviews
February 2007 - VeriSign Security Review
The security review archive is here

Case Studies
Finance Industry
Case Study Example

A case study on a Finance industry company.

White Papers
VeriSign® Intelligent Infrastructure for the 21st Century
VeriSign® Intelligent Infrastructure for Security
VeriSign® Intelligent Infrastructure: An Overview
Identity Protection Fraud Detection Service - description of the service
Life of a Threat - Video on Threat Management Lifecycle
Optimizing Enterprise Information Security Compliance - Dealing with all the audits
For a full list of all whitepapers, visit our Whitepaper library

Legal Notices
Privacy Policy
Terms of use

basel 2 sarbanes oxley
    legislation
data controller notification binding corporate rules BCR data transfer third countries third part data transfer basel 2 regualtor regulation regulate FSA banking network security RSA encryptin algorithm Bits sacked bank staff
Blogs compliance Reports compliancy Legislation Data Protection Case Studies data privacy White Papers data protection act News information commissioner Events security standards Links information security iDefense
Retail Solutions

Nearly Half of Consumers Worldwide Willing to Switch Banks for More Security

compliance and privacy

Current News Updates

Nearly Half of Consumers Worldwide Willing to Switch Banks for More Security

Banks Need Visibility into Full Impact of ID Fraud as Global Apprehension Mounts; U.S. Leads in Victims but Latin Americans More Worried

Forty-five% of consumers worldwide are willing to switch to financial institutions that offer more security protection, according to new research from Unisys Corporation that polled more than 8,000 people around the world on identity fraud and bank security issues.

The research, which may be the first-ever worldwide study on identity fraud, examined consumer views in the United States, United Kingdom, France, Germany, Brazil, Mexico, Australia and Hong Kong . Results also found that a majority (66%) of people worldwide worry about the fraudulent use of their bank and credit card accounts.

"Banks focus a lot on risk mitigation and physical security but often overlook how to make their customers feel secure," said Dominick Cavuoto, corporate vice president and president of the Global Financial Services practice at Unisys. "Our research shows people are very worried. What's more, they're willing to switch banks. Financial institutions worldwide must pay more attention to these mounting consumer concerns, and look hard at the full impact on their brand... not just consider the monetary impact of fraud. Banks that don't have this complete visibility into the problems of ID fraud risk losing a lot more than a customer's identity."

Key Findings

Other key findings of the worldwide Unisys study include:

  • The U.S leads in ID fraud instances (17% of U.S. consumers cite they have been victims) followed by the U.K. (11%), Brazil (9%), Mexico (8%), France (8%), Australia (7%), Germany (3%) and Hong Kong (1%).
  • More Latin Americans (78% in Mexico and 70% in Brazil ) worry "a lot" about the fraudulent use of their bank accounts or credit cards, compared to 23% of those in the United States . More people in Germany (17%) worry "a lot" than do those in France or the United Kingdom (both 9%).
  • More than one-third of worldwide consumers are willing to pay additional bank fees for better security protection.
  • Loss of money is the leading concern associated with ID fraud but time and effort to fix the problem also ranks high. While 27% of consumers in the countries surveyed are understandably most concerned about the theft of their funds, a surprising 16% cited the aggravation in rectifying the problem (and in the United States 25% cite time and effort as a top concern).
  • One-third of consumers report receiving information from their banks about "phishing" (email fraud attacks that mimic bank sites). At the same time, 52% worldwide say they would like to receive more information from the financial institution about security and fraud protection.
  • Biometrics (e.g., iris or fingerprint scans) is the preferred method cited by consumers to fight fraud and identity theft as followed by smart cards, tokens, and more passwords.

"Consumers feel biometrics, smart cards and security tokens would help mitigate risk but it's equally clear there is a lack of communication about fraud prevention," Cavuoto said. "To secure their business operations, banks need to build better relationships with their customers and partner together to combat ID fraud. Financial institutions need a holistic plan with visibility beyond the latest IT tools. They need to not only install leading security technology but also must implement business processes to better communicate ID fraud prevention tips with customers."

"Our research validates that ID fraud is a growing concern around the world but what is equally important to remember is that ID criminals themselves operate in a global economy, conducting business without boundaries where they trade data and tricks across the Internet," Cavuoto continued. "Financial institutions need to invest in proven solutions to secure their business operations and employ better data safeguards across their organizations, providing a fraud prevention 'ecosystem' that can quickly analyze patterns and help deter global fraud attacks. Competition among banks also will begin tightening around ID fraud issues as the prospect of losing customers and revenue becomes more evident."

About the research

Telephone surveys were conducted on behalf of Unisys among households in Australia, Brazil, France, Germany, Hong Kong, Mexico and the United States between July 29 and August 22, 2005, and among U.K. households from June 17-19, 2005. Of the 8,339 men and women aged 18 to 65 who were surveyed, 6,492 qualified for the identity fraud questions on the basis of having an account or credit card with a bank or other financial institution. The omnibus survey data are weighted to provide nationally representative and projectable estimates of the populations, and balanced by key demographics such as age, sex, region and education.

The findings are not a total surprise. Earlier in 2005 Compliance and Privacy headlined ID Theft as a major issue hamstringing eCommerce [Also in related articles: "New study finds...."]

Related Articles:

New study finds fear of identity theft holding back e-commerce

Indian Call Centre suffers serious security lapse

Amex drops card processor after security breach

Spear-phishing the new corporate threat

Protecting your personal information ranked as a top issue

Discuss this article

 


This site is independent of all its sources
The contents of the site are sourced from across the industry. All copyrights are acknowledged.