Are you one of the people mentioned in this release who are now avoiding Internet banking due to fears of identity theft?
DALLAS, June 27 /PRNewswire-FirstCall/ — Entrust, Inc. (Nasdaq: ENTU) today released the findings of its second Internet Security Survey. Conducted by an independent research firm, Infosurv, the survey identified consumers’ on-line habits and security concerns related to identity security specifically in relation to on-line banking services. Entrust’s first survey, released in October 2004, focused primarily on the North American market.
“Identity theft is impacting global e-commerce,” said Bill Conner, Chairman, President and Chief Executive Officer of Entrust. “The message from consumers is clear — secure our identities and we will vote with our wallets. Businesses stand to benefit from security leadership in terms of top-line business growth while a new generation of technologies lower the cost of providing solutions.”
Consumers in the United Kingdom and Germany said they were doing on-line banking and eCommerce less due to unanswered concerns over identity security, but noted a willingness to engage in more and higher value services on-line if security is improved.
* 13% of consumers in the UK and Germany have decreased or outright stopped doing on-line banking in the last 12 months because of concerns of identity theft. 12% of individuals have decreased or outright stopped doing any form of e-commerce in the last 12 months because of the same concern. With only 4% of individuals having started using e-commerce in the last 12 months, this implies an 8% overall decline in e-commerce activity in the last 12 months with the strongest decline (10%) being in the UK. * Consumers in the UK (82.9%) and the US (80%) are more concerned than those in Germany (72.1%). * 79% of consumers in Europe are concerned about someone stealing their on-line identity and using it to access their on-line bank accounts. Notably, in the UK 31% were ‘very concerned’ versus only 11% in Germany.
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On-Line Activity Would Increase With Enhanced Security Organizations that take steps to protect their users’ on-line identity would likely experience increased adoption and be able to deliver additional higher value services:
* Of consumers who are not currently active in on-line banking, 66% in the UK and 72% in Germany would likely increase their activity if on line identity security was improved. This compares with 72% of North Americans. * Of consumers who use on-line banking at least once a month, 80% in the UK and 90% in Germany would take advantage of additional, higher value services if their identities were better protected. This compares with 90% in North America.
Organizations that take steps to increase the security of on-line identities would be viewed by consumers as having a competitive advantage. For example, survey results showed that:
* The security of on-line identities would influence 52% of UK and 51% of German consumers when selecting which bank to do business with. This compares with 65% of North Americans. * 33% of European consumers indicated a desire to use more than one method to access their on-line accounts. This compares with 38% of North Americans.
Stronger Identity Protection, Without A Price, Welcomed When questioned specifically on two-factor authentication, 87% perceived it as easy to use (UK: 88%, Germany: 85%, North America: 86%), and 81% believe it would make their identities more secure (UK: 79%, Germany: 82%, North America: 79%).
“This is one of those rare instances where consumers are willing to embrace new and simple technologies as part of an existing service. What once might have been viewed as onerous is now seen as essential,” added Conner. The survey results showed:
* In the UK and Germany, 79% of consumers would be willing to use a two-factor method of authentication when accessing their on-line bank accounts to improve the security of their identity. This compares with 78% of North Americans. * More consumers in the UK (85%) would not be willing to incur any additional expense to increase the security of their on-line identity with “two-factor” authentication solutions than those in Germany (73%). On average, 17% would pay between 1-7 pounds Sterling / euro 1-10 per year, and only 3% would pay 8 pounds / euro 11 or more per year for increased security through “two-factor” authentication.
“A previous generation of battery powered tokens put mass deployment of strong second factor authentication out of the reach of most enterprises,” said Conner. “We’re now at a tipping point where a new generation of solutions, like Entrust IdentityGuard, can put strong security in the hands of users for a fraction of the cost.”
Consumers In UK and Germany Bank On-Line More The survey also highlighted the increased adoption of on-line banking and eCommerce by consumers in the UK and Germany.
* Use of the Internet for commerce is almost 10% higher in the UK (92.6%) and Germany (96.3%) than in North America (85%). * On-line banking is more prevalent in the UK (68.9%) and Germany (86.6%) than in North America (59%).
Internet Security Report 2 Methodology The Entrust Internet Security Survey II market research is based on on-line survey findings collected by Infosurv Inc. during the week of March 14th, 2005. 1486 completed surveys made up the results from consumers in Europe; however, the overwhelming sample size was from within the United Kingdom and Germany. The respondents profile was representative of the general population with an equal split on gender and age groups between 18 and 65+. While the data collection was conducted on behalf of Entrust, Inc., at no time were the survey respondents aware of Entrust’s participation. The confidence interval for the data collected is + or – 3.1%.
Internet Security Report 1 Methodology
The Entrust Internet Security Survey is based on on-line data collected by Greenfield Online between August 16 and August 20, 2004. A representative sample of 10,000 respondents was taken from Greenfield Online’s panel of 3+ million consumers. With a 20% response rate, 2000 completed surveys made up the results from consumers in the United States, Canada, Germany and the UK; however, the overwhelming sample size was from within North America.
The respondents profile was representative of the general population with an equal split on gender and age groups between 18 and 65+. While the data collection was conducted on behalf of Entrust, Inc., at no time were the survey respondents aware of Entrust’s participation. The confidence interval for the data collected is + or – 2.2%.
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