STAMFORD, Conn. – With identity theft spiraling, are credit unions missing an opportunity to fill a much needed niche? "Three out of five consumers are telling us that financial institutions are not doing enough to educate them on how to protect against identity theft, as most are learning about it through television commercials and/or news reports," said Lee Smith president/COO of research firm InsightExpress. "Credit card issuers and primary financial institutions stand a better chance of capturing and retaining customers if they take a more proactive approach in educating and protecting consumers against the threat." According to a recent InsightExpress survey, some 85% of consumers think they could be the next victims and 59% of consumers are actively taking measures to protect themselves. In addition, 15% of consumers report already being victims of identity theft. In terms of liability, almost half of consumers expect that they would be at least partly responsible for charges made on their credit card should they become a victim. Some 58% feel that the individual who stole the card is also responsible, followed by the institution that issues the card (33%), the institution that approves the credit card charge (29%) and the merchants (26%). Here is a look at other survey findings: Ways Americans Think ID Theft Can Happen to Them Stolen Wallet
86% Accessing a credit card number on the Internet
65% Identifying information on Internet sources
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64% Stolen mail from an unlocked mailbox
64% "Dumpster diving"
58% Fraudulently accessing credit reports
56% Obtaining name and social security number from personnel of customer files in the workplace
54% "Shoulder surfing" at ATM to capture PIN numbers
46% Steps Taken to Prevent ID Theft Avoid giving social security number out
87% Shred or destroy bank/credit card information
83% Shred or destroy any credit card or other direct mail offers
81% Create passwords containing numbers and letters
61% Avoid buying or making donations via the phone
58% Only purchase goods online from a reputable Website
56% Install a computer firewall at home
52% Read the privacy statements/liability clauses
50% Check credit report more frequently
38% Only use one credit card for purchases
31% Avoid shopping online
31% Avoid using debit card for purchases
20% Subscribe to an identity theft protection program
11%
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