Cybercrime fears damaging consumer confidence

Cybercrime fears damaging consumer confidence

Over half (53%) of UK consumers believe banks and credit card companies are not doing enough to guard against digital fraud, according to a survey conducted on behalf of Compaq by Taylor Nelson Sofres.

The research was conducted among a sample of 1006 consumers. It found that more than three quarters (77 per cent) would be willing to trade personal information such as fingerprints and DNA, for tighter protection against digital fraud.

The majority of consumers believe that responsibility for digital fraud prevention lies with UK business rather than the consumer. Sixty-five per cent of UK consumers feel that credit card companies and banks have a responsibility to protect against fraud.

Retailers and online businesses are perceived as the worst at protecting against digital fraud. Retailers top the league table at 25 per cent, closely followed by banks (15 per cent), credit card companies (12 per cent) and utility suppliers (10 per cent).

Traditional businesses are judged better at protecting against digital fraud by the majority of British consumers (40 per cent think traditional businesses are better compared with a quarter for online).

Separate analysis of over 200 major retailers by credit ratings agency Experian shows that nearly all are expecting a significant increase in fraud - particularly card not present fraud - in the weeks running up to Christmas and New Year.

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