Identity Theft Concerns Hit Online Economy
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13% of internet users or a member of their household, in the U.S. have been the victim of identity theft. The staggering figure comes from a survey by the Conference Board. The research was carried out by TNS NFO. Says Lynn Franco, Director of The Conference Board's Consumer Research Center: "Misplaced or stolen data from major financial service institutions such as Citigroup, Bank of America and Wachovia, and this week's admitted mishandling of data by the credit card processing company CardSystems Solutions, have increased consumers' concerns about online security. Consumers have taken steps to be more cautious, which is a good thing. The downside is the negative impact to online retailers that may slow the growth of e-commerce." The recent headlines seem to have had an effect on people's attitudes to doing business on the Internet. Consumers are wary most of all about financial transactions online, followed by online purchases. Measures to beef up the security at the users end has also increased. 70% of online users have installed additional security software on their PCs., 54% now opt-out of special offers and 41% are purchasing less online. 54% of users are now more concerned about the security of their personal information on the internet than a year ago. Identity theft is the fastest growing crime in the nation, according to the Federal Trade Commission, says David Stark, TNS' North American Privacy Officer. "Behind phishing attacks and malicious spyware are criminals whose goal is to get people's names, credit card numbers and account information for fraudulent purposes."
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