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Friday April 30, 02:50
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US Consumers Link Card Purchases To ID Theft
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Forty-two per cent more Americans are more concerned about the risk of identity theft in 2004, than in 2003, according to research firm, Insight Express, and almost three in five are protecting themselves against the perceived risks. In a recent online survey of 500 US consumers, Insight Express found 85 per cent to be concerned about the risk of identity theft, particularly when making credit card purchases. Over 37 per cent believed online card purchases left them open to ID theft, while 34 per cent saw telephone purchases as a great risk, and 10 per cent, in-store purchases, given the perceived risk of card skimming.
Up to 15 per cent of US consumers have been affected by ID theft, with one-third knowing of a friend or family member who had their identity stolen. With regard to liability for fraudulent credit card use from ID theft, 48 per cent of consumers believed they would be partly responsible. Fifty-eight per cent said the thief stealing the card was responsible, while 33 per cent apportioned liability to the issuer, and 26 per cent, to the merchant where the purchase was made. Three in five consumers believed the banks could do more in terms of public education on ID theft, as they had learned of the risks through TV adverts.
Banks and credit card issuers will find it easier to acquire and retain customers if they are more proactive in advising of the threat, according to Insight Express. While ID theft affected 9.9 million US consumers in 2003, 85 per cent of survey respondents believed a stolen wallet put them at risk of their identity being stolen, with 65 per cent fearing that their credit card number would be accessed online. Other types of credit card fraud related to ID theft include physical credit card theft, fraudulent applications, merchant “add-ons” (charges illegally added to a card after a receipt is signed) and the counterfeiting of cards.
(Business Wire)
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