Fears of ID Theft Trump Fears of Terrorism - Other News


Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Fears of ID Theft Trump Fears of Terrorism

Fears of ID Theft Trump Fears of Terrorism

Fears of ID Theft Trump Fears of Terrorism

Identity theft and banking fraud are part of the consumer landscape these days, and the fear of being a victim of either is very worrisome for U.S. consumers, according to a new study by FICO, so much so 44% said it was their top worry.

This is twice the amount of other fears people have, including the fear of dying, with 22% being afraid of heading to the pearly gates, while just 18% were afraid of being caught up in some kind of terrorist attack.

For FICO this data is an indication that the safety of people’s personal data has taken an extremely important role in people’s lives, in more ways than one. “Human beings hate to lose,” said Bob Shiflet, vice president of FICO’s fraud business line.

“The survey confirms the psychology of loss aversion, especially when it comes to money and the likelihood of an event happening to us. The loss of your personal information or money from your account cuts deep, it is a violation, and people now know it’s much more likely to happen to them,” he said.

Banks get a thumbs up

While consumers are afraid of having their personal data hacked, 78% of people who have been through it report that they are pleased with the way their bank handled their case. Going further, some said that it actually strengthened their relationship with their bank of choice, with 14% opting to open more accounts, and 20% recommending the bank to their friends, family, and others.
On the other hand, some were not happy with the service they got, and of those people, 25% actually shut down their accounts, while 12% shut down all their accounts.

Some might not be prepared enough

Banks have a lot to lose when a customer’s information is stolen and their response is deemed as being poor by the victim, and they may not be as prepared as many expect for a breach. In a different survey, conducted by FICO and Ovum, just 52% of US senior IT execs indicated that their company had actually tested out their data breach response plan.

“Banks should ensure that their data breach response plan is tested, and includes adequate measures for public relations and customer communications,” said Shiflet. “The plan must include what the bank can offer to customers post-breach, to allay their fears.”

In order to gather the data for their finance trend research, FICO interviewed 1,000 people living in the United States, who are over 17 years of age. It was an online survey that took place in February and March 2017.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Skip Signing at Checkout with Discover
Skip Signing at Checkout with Discover

Posted: December 20, 2017

Checking out fast is often the name of the game for many when shopping and in the coming year those with the Discover Card will be able to forgo signing their receipt, giving them a faster check out. The new initiative will begin in April... Continue reading
More EMV Enabled Debit Cards, Less Fraud
More EMV Enabled Debit Cards, Less Fraud

Posted: August 22, 2017

Last year there was an upswing in the number of chip-enabled debit cards rolled out, according to the 2017 Debit Issuer Study by Pulse, with an estimated 80% of cards in the United States having been outfitted with EMV technology. While... Continue reading
Avoid Holiday Scammers
Avoid Holiday Scammers

Posted: December 13, 2017

Tis the season for fun, good times and shopping, and whether we like it or not, scammers. To give consumers a leg up on security PCN Bank has released tips to help them get the jump of hackers, scammers, and thieves, looking to cash in on... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit