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:
‘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%