Online Banking

By on March 24, 2005

A quick read discussing public perception in the world of online banking:

The updated report from the Better Business Bureau study shows that fear has unrealistically worsened. “Our numbers show that fears about online identity fraud may be out of proportion to the relative risk, causing consumers to ignore the most glaring issues,” Javelin’s founder and chief analyst, James Van Dyke, said.

Despite the rising perception among consumers that online transactions are very risky, this latest study shows results to the contrary. It concludes that identity fraud problems are not worsening. In fact, the total number of victims is declining.

I’m not sure I believe this last bit, though:

The average time to resolve an identity fraud crime dropped by 15 percent from 33 hours in 2003 to 28 hours in 2004.

A year or two ago, my friend’s debit card was compromised. Later, he found out that he’d purchased a bunch of stuff from Digital Blasphemy. That took several weeks to clear up! (I think the red tape at his bank was responsible for the length of time involved, though.)

Personally, I have no problem logging into my accounts online. I’ve even convinced my parents that its safe to do so — no easy task.