November 11, 2005 9:48 AM PST

Bank customers willing to pay for online security

Americans are ready to shell out additional fees for greater protection of their online transactions and bank accounts, a new consumer poll has indicated.

Nearly 40 percent of citizens are willing to pay fees for more protection, compared to 27 percent who were ready to do so last year, a survey conducted by Unisys has shown.

About half the consumers surveyed said they would consider switching to a new bank for greater protection. The study results came from a poll of 1,000 Americans.

This willingness is driven by growing concerns about issues like identity theft. About 73 percent of consumers said they are worried about fraudulent use of their bank accounts or credit cards, compared to 51 percent who expressed such fears in 2004.

Nearly 17 percent of consumers cited instances of identity theft, while 42 percent said their banks informed them of threats of phishing.

"People are clearly worried, reinforced by the fact that they're even more willing than ever to leave their banks and pay for security protection," Dominick Cavuoto, Unisys president of financial services, said in a statement.

"This consumer perception will likely drive banks to quickly adopt advanced security solutions or risk losing existing and potential customers, revenue streams and brand reputation."

2 comments

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I'm not...
I'm not willing to pay more. I expect them to protect my identity just as a rule.

I get so mad when someone calls on behalf of Chase trying to sell me identity theft protection. As I politely decline, they list off things they'll do, like watching for suspicious transactions and big changes in spending patterns.

Uh, you already have computers capable of doing that. Why must I pay extra for this?

I do suppose I might pay as much as $9.99 for a RSA SecurID keyfob, though.
Posted by TV James (680 comments )
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Unwilling to pay for online security
I have no idea where that survey originated but I know that I wasen't surveyed and I would not pay extra for something that is already required of banks. My Bank must know that should something happen to my account then at a minimum I would close my accounts and go somewhere else.
Posted by cfsnco (4 comments )
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