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Phishing: Consumer Behavior and Awareness

Source: www.javelinstrategy.com
Topic: Consumer Behavior

Sort Desciption: Phishing: Consumer Behavior and Awareness. Financial Institutions must Intensify Consumer Education to Drive. Cost Savings. Overview ...

Content Inside: Phishing: Consumer Behavior and Awareness Financial Institutions must Intensify Consumer Education to Drive Cost Savings June 2005 Telephone: 925.225.9100 Fax: 925.225.9101 Address: 4309 Hacienda Dr. Suite 380 Pleasanton CA 94588 Email: inquiry@javelinstrategy.com Web site: www.javelinstrategy.com Syndicated Report Brochure Phishing: Consumer Behavior and Awareness Financial Institutions must Intensify Consumer Education to Drive Cost Savings Overview A recent Javelin research study indicates that there are 9.3 million identity fraud victims in the US annually 1.7% of which are a result of phishing attempts. At an average loss of $2320 per incident annual losses attributable to phishing therefore total nearly $367 million. Financial in- stitutions must not only contend with the losses but also the accompanying erosion of con- sumer trust and the limitations it brings to the online channel now an established efficient and lucrative conduit to the consumer. Primary Questions How aware are consumers of the latest phishing scams? What are the ongoing educational efforts that banks must undertake? How can banks dissuade consumers from costly call-center activity? Major Findings Consumer awareness of phishing is high and most consumers take appropriate action upon receiving suspicious email. More than half of consumers immediately delete email purporting to be from their banks asking for personal information. Nearly one-third of consumers contact their banks upon receiving potential phishing email however resulting in costly spikes in call center activity. Financial institutions must continue to update their educational campaigns as 10% of consumers still click on the embedded link unaware of the danger of key-loggers or other mal- ware. Author: Bruce Cundiff Research Analyst Contributors: James Van Dyke Founder and Principal Analyst Bill Edwards Research Associate Editor: Mary T. Monahan Publication Date: June 2005 Price: $500 Telephone: 925.225 ...