Frustrating Findings: Consumers BlameFinancials For Their Own Mistakes

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PALO ALTO, Calif. - (11/11/04) In what may be a frustrating perceptionfor credit unions and other financial institutions, most consumersbelieve it is the responsibility of the financial institution toprotect them from identity theft, even when they voluntarily gaveup account information in a so-called “phishing” scam.Even if they were fooled by a fraudulent, lookalike-mail claimingto be from their financial, 61% said their bank or credit union isresponsible for it. In cases where phishing was not involved, 91%believe it is the responsibility of their financial institution orcredit card issuer to protect them. Fifty-two percent said theybelieve their financial institution is not doing enough to protectthem. Another finding in the survey of more than 1,000 Americanssponsored by MailFrontier: 40% of consumers noted that they willswitch to another bank and/or credit card company that does offerprotection from online identity theft.

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