| [March 18, 2005] |
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Financial Insights Finds 6 Percent of Surveyed Consumers Switched Banks Due to Identity Theft; Report Analyzes the Results of a Consumer Survey on Identity Theft
FRAMINGHAM, Mass. --(Business Wire)-- March 18, 2005 -- A new report by global independent research and advisory firm Financial Insights analyzes the results of a survey of 1,000 U.S. consumers over the age of 18 that measured the impact of identity theft on consumer fears and on their banking and online behaviors. The report provides insights into the demographic and geographic characteristics of identity theft victims and consumers in general who are most worried about identity theft.
"Close to 60% of U.S. consumers sampled in January 2005 expressed concern about identity theft, and close to 6% admitted to switching banks to reduce their risk of becoming a victim of identity theft. Identity theft incidents have been taking their toll on banks and their customer relationships. Recent high-profile incidents of customer data theft at Bank of America, ChoicePoint, and LexisNexis may drive bank customers to worry further about the possibility of experiencing identity theft. However, our survey results show that not all consumers worry equally about identity theft and the crime itself does not impact all consumers across the U.S. at the same rate," stated Sophie Louvel, research analyst at Financial Insights and author of the report.
The report also provides recommendations to financial institutions on how they can counter the loss of customer trust and erosion resulting from identity theft by instituting more proactive identity theft victim support and by providing identity theft prevention and detection tools to consumers.
The attached figure illustrates U.S. consumers' level of concern about identity theft, by age group.
For more information on obtaining this report "ID Theft Concerns Change U.S. Consumer Banking Behaviors", Market Overview, (January, 2005 - Doc # FIN1581), please contact sales@financial-insights.com
About Financial Insights, an IDC Company
Financial Insights provides independent research, custom consulting, and detailed multiclient studies on the technology issues and challenges facing the financial services industry. Our global research covers topics of strategic importance to corporate and retail banks, insurance carriers, asset management firms, securities and brokerage firms. Our local practices in Asia Pacific, Europe, Latin America and Canada add an in-depth regional viewpoint. Financial Insights, an IDC company, is headquartered in Framingham, Massachusetts, USA. IDC is a subsidiary of IDG, the world's leading IT media, research, and exposition company.
For more information visit: http://www.financial-insights.com.
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