To print: Click here or Select File and then Print from your browser's menu

This story was printed from silicon.com, located at http://www.silicon.com/

Story URL: http://www.silicon.com/financialservices/0,3800010322,39163859,00.htm

Online shopping safer than many think
You're more likely to have your wallet nicked...

By Tim Ferguson

Published: Monday 06 November 2006

If you're being put off doing your Christmas shopping online over security concerns then think again - because it's far more likely you'll be a victim of physical theft on the high street than suffer fraud in the digital world.

According to a survey from PayPal more than a third of respondents (35 per cent) have been victims of property theft, whereas only 15 per cent of the UK adults surveyed have been victims of online fraud. Similarly, around 71 per cent of Brits know someone who has had their wallet or purse stolen but only 29 per cent know a victim of online fraud.

The figures should reassure consumers who fear making financial transactions on the internet. Many still think entering your financial details online presents a huge risk, with the PayPal research revealing 55 per cent of people feel this way.

Neil Edwards, head of financial planning at PayPal UK, said the workplace is the second most vulnerable place for property theft after pubs and clubs. People assume they are safe at work and can give out confidential bank details over the phone "without a second thought", he said.

silicon.com Financial Services

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

The research also found 2.5 million people in the UK have had belongings stolen while at work and leaving your wallet on your desk or reading out your bank details over the phone is much riskier than shopping online.

A spokesman for VeriSign told silicon.com education remains key and consumers need to know the facts about where they face the greatest risks.