Massive consumer mistrust of businesses over identity fraud

Only half (52%) of consumers in Great Britain trust their high street bank or building society to protect their personal details from identity thieves, a new ‘trust’ poll has revealed.

Travel and gambling companies fared even worse by coming bottom of the league in a survey by YouGov for identity fraud prevention specialists GB.

The research also suggests that consumers will vote with their feet unless organisations tighten up their online fraud safeguards – just under half (45%) of those polled 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 over 55 year olds.

The survey comes hot on the heels of MPs calling for an identity fraud tsar to be appointed to tackle the estimated £1.7 billion annual cost to the economy.

According to GB, this latest research provides a wake up call to businesses – proving they’re capable of protecting their customers against identity fraud is essential for future growth.

YouGov ID fraud ‘trust’ survey – key statistics:

  • 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 organisations 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.
  • ‘Trust league’ – breakdown of trusted organisations:
    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%




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