Consumers Trust Banks to Guard Their Identity
The American Bankers Association has announced the results of a new survey finding that, by a ratio of 6-to-1, consumers trust banks more than other institutions when it comes to their personal records.
Sixty-six percent of consumers polled identified banks as the most trustworthy with their personal information. In a distant second place, government agencies received 11 percent of the vote, and universities were third with 10 percent. Retailers and data brokers garnered 3 percent and 2 percent, respectively.Ed Yingling, president and CEO of the ABA, said that the vote of confidence from consumers makes sense.
"When you look at the number of data breaches that have occurred in 2006, you'll see a very small percentage happened at financial institutions. And that's no accident. Banks and their regulators work very hard to protect sensitive information and help customers avoid identity theft," said Yingling.
Unlike other industries, banks have a strict regulatory system in place to prevent data breaches and notify customers if one occurs that could put their identity at risk.
"Banks are constantly working to stay one step ahead of some very enterprising criminals," said Yingling. "Consumers have to be on their toes, too. You should be vigilant about shredding personal documents, skeptical of 'too good to be true' offers and watchful of account and credit report activity."
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