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Online Identity Fraud Influencing Consumer Behavior

Source: www.entrust.com
Topic: Consumer Behavior

Sort Desciption: Online Identity Fraud Influencing Consumer Behavior. IDC:. 6% admitted to. switching banks to reduce. their risk of becoming a. victim of identity theft. ...

Content Inside: Online Identity Fraud Influencing Consumer Behavior Bill Conner Chairman President and CEO Entrust Inc. November 8 th 2005 Copyright Entrust Inc. 2005 2 Employees Improved Productivity & Self-Service Streamlined Business Processes Access to Services & Information Suppliers Customers Enterprises & Governments are Extending Outside Web and Email Transactions Underpinning productivity & growth Copyright Entrust Inc. 2005 3 Governance & Regulation Extended Enterprise & Govt. FDIC GLBA SEC Regulations SEC Regulations BASEL II BASEL II Sarbanes Sarbanes-Oxley EU Data Protection Act EU Data Protection Act C a l i f o r n i a S B 1 3 8 6 C a l i f o r n i a S B 1 3 8 6 FFIEC F I S M A F I S M A Employees Suppliers Customers Compliance Corporate Compliance Copyright Entrust Inc. 2005 4 Governance & Regulation Extended Enterprise & Govt. FDIC GLBA SEC Regulations SEC Regulations BASEL II BASEL II Sarbanes Sarbanes-Oxley EU Data Protection Act EU Data Protection Act C a l i f o r n i a S B 1 3 8 6 C a l i f o r n i a S B 1 3 8 6 FFIEC F I S M A F I S M A Employees Suppliers Customers Business Transaction Risk Assessment Business Risk Assessment Copyright Entrust Inc. 2005 5 Rapid Increase in On-Line Identity Fraud 2.4 million online consumers report losing money directly because of the phishing attacks of these approximately 1.2 million consumers lost $929 million (Source: Gartner Survey 23 Jun 05) 48% of US citizens avoid online purchases because they are afraid their financial information may be stolen (Source: Jun 05 Cyber Security Industry Alliance ) 0 1000 2000 3000 4000 5000 6000 Oct Nov Dec Jan Feb Mar Apr May June July Aug 0 1000 2000 3000 4000 5000 6000 Oct Nov Dec Jan Feb Mar Apr May June July Aug Active Reported Phishing Sites 2004-2005 Source: Anti-Phishing Working Group 5x Growth in Phishing Attacks over the last 12 months (Source: Anti-Phishing Working Group Oct 05) Copyright Entrust Inc. 2005 6 Online Identi ...