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Story URL: http://www.silicon.com/financialservices/0,3800010322,39270418,00.htm

Consumers reluctant to give financial details online
…but is fear greater than risk?

By Julian Goldsmith

Published: Tuesday 12 August 2008

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.

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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."