Massive Consumer Mistrust in UK over Identity Fraud

October 15, 2007

This article is included in these additional categories:

Financial Services | Privacy & Security | Retail & E-Commerce | Telecom | Travel & Hospitality | Youth & Gen X

Only half (52%) of consumers in Great Britain trust their high-street bank or building society (similar to a savings and loan institution) to protect their personal details from identity thieves, a new “trust poll” has revealed.

Travel and gambling companies fared much worse, landing at the bottom of the barrel in a survey by YouGov for identity fraud prevention specialists GB:

  1. Bank and building societies: 52%
  2. Central government: 25%
  3. Local councils: 21%
  4. Mortgage brokers, independent financial advisers, stockbrokers: 20%
  5. Utility companies: 18%
  6. Retailers: 9%
  7. Mobile phone companies: 9%
  8. Travel companies: 6%
  9. Gambling companies (casinos, online gaming sites, interactive TV gambling programmes): 4%

The research suggests that consumers will vote with their feet unless organizations tighten up their online fraud safeguards: just under half (45%) are prepared to give up online banking and shopping to avoid becoming a victim of identity fraud.

The poll also highlights the dramatic gulf in trust between younger and older generations: 21% of 18-24 year olds trust mobile phone companies with their details, compared with just 5% of those 55+.

Some key findings from the YouGov ID fraud trust:

  • Less than half (46%) of consumers feel there is enough information available to help protect themselves against identity fraud.
  • An overwhelming majority – 72% – feel that the organizations holding their personal details are ultimately responsible for protecting their identity.
  • 52% of consumers say they trust their bank/building society to look after their details, while just 25% say they trust the government with their personal details.
  • Almost half (49%) of women in Great Britain would be prepared to give up online banking and e-shopping to reduce the risks of ID fraud.

“The majority of adults in the UK have a bank or building society account, yet just half actually trust those organizations with their personal information,” said  Rob Laurence, managing director of GB’s fraud prevention business. “Well over 45 million people in the UK have a mobile phone, but less than one in ten of those polled trust their mobile company with their details.”

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