Soaring online crime hits consumer confidence

Criminals are increasingly turning online to make money

Nearly three-quarters of UK consumers believe that the recession has put them at greater risk of identity theft and related crimes, according to the latest biannual Security Index report from Unisys.

The software and services firm surveyed nearly 1,000 UK citizens, and found that 88 per cent are worried about criminals obtaining and using their credit card or bank details, or gaining unauthorised access to or misusing their personal information.

The Security Index, which measures the level of security concern among respondents, rose 20 per cent from a figure of 125 a year ago to 150 this year.

Neil Fisher, vice president of global security solutions at Unisys, argued that confidence in financial institutions has been undermined by the economic crisis, and that criminals are increasingly turning online fraud to make money.

"Criminals have been affected by the recession like everyone else, so they're looking for easy ways of making money and one way is to attack people online," he said.

"But it really comes down to a perception of risk, because the actual risk probably hasn't increased. Media reports tend to both alert and alarm."

However, Fisher warned that consumers and organisations have to continue taking their share of responsibility for preventing the spread of online crime.

Consumers should keep up to date with security software, and ensure that internet-connected devices are secured as tightly as possible, and must be alert to the possibility of social engineering scams, he said.

"On the corporate side, the challenge is compliance and cost," said Fisher. "Businesses of all sizes need to obey the law, but also cut costs. Many chief executives don't appreciate just how much of their business is online, and this is not a time to be cutting security."

Despite increased consumer fears of online identity theft, Fisher said that security is unlikely to become a differentiator for online firms and service providers.

"I don't see it as a major selling point," he said. "I fear the evidence suggests that companies' responses have more to do with covering up [data breaches]."