Unisys Security Index Finds Bank Customers Concerned

The Unisys Security Index shows that financial institutions are not doing enough to protect consumers’ pertinent financial information online and combat debit and credit card fraud.

A majority of Americans are extremely or very concerned (64 percent) about other people illegally obtaining and using their credit or debit cards. Further, seven in 10 Americans expressed the same level of concern about access to or misuse of personal information, remaining steady from the baseline study conducted in August 2007. Unease about online shopping and banking is highest among the baby boomer generation, with nearly half of all respondents between the age of 45-64 expressing apprehension.

Consequently, banks still need to better understand how to manage consumer concern about identify theft and credit card fraud.

“Given the financial crisis that banks find themselves in as a result of the sub-prime mortgage debacle, their bottom lines would be well-served if they could boost customers’ confidence in online banking and other e-payment services,” added Kelleher. “The financial services industry has yet to tackle this issue effectively. And given that recent studies show a majority of consumers are willing to switch banks to get better security, financial institutions must find new ways to combat fraud, protect people’s identities, and educate consumers so they can expand the use of highly profitable online services."