Recession 'Has Greatly Increased UK's Fear Of Identity Theft'

Recent research by a software developer found that nearly three quarters of respondents are more alarmed by the threat posed by ID crooks during the current economic crisis than they were before it began. Furthermore, nearly nine out of ten of consumers are concerned that their financial details – such as their bank account and credit or debit card data – could be compromised by fraudsters.

The message this research may send to businesses that trade online is simple - make sure your security procedures are stringent, or risk losing your customers. "Robust security procedures to protect against online fraud and ID theft are crucial to ensuring customer confidence, particularly with regards to online shopping and banking," the VP of Global Security Solutions at the firm comments. "The current economic climate is forcing many companies to cut costs but a real or perceived drop in spending on security can have a major impact on consumer confidence."

However, a tightening of security on the business side might only work if consumers keep to their side of the bargain and are savvy when they shop. Get Safe Online was set up five years ago by some of the world's biggest corporations – including Microsoft and HSBC. Their aim is to educate online consumers and offer downloadable software. Using this on its own may not be enough, however – and this is where "common sense" comes into play. Checking sites are reputable, being careful on online auction sites and using safer ways to pay – such as systems like PayPal – are key to this, it says.

Loss of data through the government is something that is arguably uncontrollable for the consumer, unless they happen to work within the civil service itself. According to a spokesman from the aforementioned Get Safe Online site, making sure the latest software is downloaded onto your machine is the most important thing someone can do. "If internet users invest a relatively small amount of time and money in ensuring they are fully protected and up-to-date, the risk of such financial loss is almost negligible," he concludes.

If you would like to know more about identity theft why not ask AnswerBank Law.