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Many people see risks in online banking and shopping, survey says

April 12, 2012|By Shan Li
  • Online shoppers are worried about identity theft and fraud.
Online shoppers are worried about identity theft and fraud. (Barbara Davidson / Los Angeles…)

With people increasingly banking and shopping online, many are convinced it's just a matter of time before their personal data is stolen, a new survey says.

According to mobile security firm Entersekt, 41% of consumers surveyed worry that their online accounts will be breached in the future, while 53% have already fallen victim or know someone who has been targeted for credit card fraud.

"Consumers suspect they are playing with fire conducting financial transactions online...comparable to playing Russian roulette," the company said in a statement.

(Actually, that's not true -- there's a 16.7% chance of losing at Russian roulette with a six-chambered revolver if each player re-spins the chamber before pulling the trigger.)

Despite the paranoia, apparently 31% of consumers still do not check how secure a procedure is before making a transaction online, the survey says, compared with just 13% who don't mind losing sight of their credit cards while buying something at a store or restaurant.

Worries also break down along gender lines, with 51% of women worried about the security of online banking and shopping compared with 41% of men. Men are also more open to the idea of banking via their mobile phones, with 32% saying they would give it a try versus 25% of women.

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