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Password inertia leaving UK consumers at risk of fraud, research reveals

19th May 17 10:25 am

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Less than half (49 per cent) of consumers regularly change their passwords as a way to prevent fraud, according to research from Callcredit Information Group. Yet, the majority (66 per cent) perceive the risk of identity theft and online fraud as one of their biggest concerns around sharing personal information online.

The research, commissioned by Callcredit Information Group as part of the Unlocking the potential of personal data report, also found that only two-thirds of consumers (65 per cent) have a highly-secure password.

That is, a mixture of upper and lower case letters, numbers and symbols.
However, the findings suggest that consumers are not widely employing other simple fraud prevention techniques.

Of the 3,000 UK-based consumers surveyed, only just over half (51 per cent) have downloaded anti-malware security software and just over a third set browser privacy settings. When shopping online, well under half,m check the authenticity of an organisation before purchase.

John Cannon, Fraud & ID Director, Callcredit Information Group, commented: “Despite a significant rise in online fraud, and concern around sharing personal information, consumers don’t appear to be adequately protecting themselves against cyber-crime. Simple techniques, such as regularly changing passwords, aren’t being implemented by a significant proportion of consumers.

“Our research suggests that there is a real need for consumer education about anti-fraud techniques. It is crucial that businesses not only monitor for fraud, but educate consumers about existing risks and fraud prevention tactics. Organisations could, for example, encourage customers to regularly check their credit report to help spot unusual activity. This is especially important given that customers’ digital identities increasingly form part of the checks that organisations perform.”

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