You are here: silicon.com > Financial Services > News

Consumers reluctant to give financial details online

…but is fear greater than risk?

Tags: privacy, fraud, online financial services

By Julian Goldsmith

Published: 12 August 2008 13:01 GMT

Most consumers are still reluctant to enter their personal financial details online, even though most actually willingly do so when asked, despite the fear of fraud online being greater than the chance of becoming a victim of it.

According to a survey of 1,000 online consumers conducted by AOL, 84 per cent of the sample said they would not give their salary details online. But the amount of people who actually did so, when asked later on in the survey was around 90 per cent, the online content provider claimed.

silicon.com Financial Services

Get the latest financial services news straight to your inbox. Sign up for the FS newsletter today!

The report also found just over a third (34 per cent) of respondents expected to be defrauded when making an online credit card transaction even though only 11 per cent of them have ever experienced it.

The company said the report highlights the unease consumers still have when being asked to divulge their financial details online.

In reaction to the results, Information Commissioner Richard Thomas said in a statement: "If organisations fail to meet their data protection obligations they not only risk enforcement action by the ICO, they also risk losing the trust of their customers. However it is equally important for individuals to be aware of their information rights and take steps to protect their own privacy."

  1. Zones
  2. Management
  3. Networks
  4. Software
  5. IT Services
  6. Hardware
  1. Verticals
  2. Public Sector
  3. Financial Services
  4. Retail & Leisure

silicon.com Financial Services
Get the latest financial services news straight to your inbox. Sign up for the FS newsletter today!


  • Jobs
Technical Security Analyst

This role would suit an applicant with a proven track record in credit card protection, security investigations, internet commerce, credit and online ...

Business Development Manager - Online Payments

Keywords: new business, sales executive, account manager, business development manager, BDM, senior sales, software sales, solution sales, account ...

Product Manager - Lodge Cards

This is a commercial card offering specifically for the corporate travel/hospitality sector.The preferred candidate will have:* Strong Project ...

Agenda Setters 2009
Welcome to the ninth annual Agenda Setters poll – silicon.com's list of the top 50 most influential individuals in the technology and IT industries, from techies and CIOs to entrepreneurs and business leaders. Find out more in our latest special report.




Quick Sitemap Links: