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November 14, 2005

New research highlights consumer fraud fears

Almost half of consumers worldwide are willing to switch to financial institutions that offer greater security protection, according to a survey conducted by Unisys.

By CBR Staff Writer

The research is based on the views of 8,000 consumers in the US, UK, France, Germany, Brazil, Mexico, Australia and Hong Kong. The results reflected the worries of people worldwide about the fraudulent use of their bank and credit card accounts.

Corporate vice president and president of the Global Financial Services practice at Unisys, Dominick Cavuoto warned, Financial institutions worldwide must pay more attention to these mounting consumer concerns, and look hard at the full impact on their brand. Banks that don’t have this complete visibility into the problems of ID fraud risk losing a lot more than a customer’s identity.

The Unisys study also revealed that the US leads in ID fraud instances with a reported 17% of consumers having been victims of ID fraud, while Hong Kong and Germany reported the least cases of fraud 1% and 3% of victims, respectively

The study also indicated that banks were failing to provide their customers with the information they need with a staggering 52% of consumers worldwide saying they would like to receive more information from the financial institution about security and fraud protection.

Furthermore, the extent of consumers’ worries means that than one-third of worldwide consumers are willing to pay additional bank fees for better security protection.

Another interesting find through Unisys’s research is that biometrics; iris or fingerprint scans, for example; is the preferred method cited by consumers to fight fraud and identity theft. Smart cards, tokens, and more passwords were also frequently cited by consumers as methods through which security could be increased.

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