COSTA MESA, Calif.—News of data breaches and the risks of identity theft and fraud persist, but consumers’ vigilance and awareness haven’t kept pace, a new report indicates.
A national survey by Experian revealed that not only is America’s collective guard down, but people feel they are at a disadvantage when it comes to identity theft. The survey results coincide with Experian’s national launch of IdentityWorks, which the company said is a comprehensive set of identity theft protection products offering consumers a “powerful and user-friendly array of features, including Experian CreditLock and extensive dark web monitoring.”
The survey makes clear that complexity, inconvenience and perceived odds of becoming an identity fraud victim have discouraged consumers from making identity protection best practices part of their daily lives.
While 84% of respondents acknowledge being concerned about the security of personal information online, nearly two-thirds (64%) agree it’s “too much of a hassle to constantly worry about securing personal information online.” The majority say staying on top of financial transactions is a challenge (53%), and nearly half (48%) don’t even check their credit reports regularly for errors or suspicious activity.
“Consumers seem to be tuning out rather than tuning in,” said Michael Bruemmer, vice president of identity protection at Experian, in a statement. “Nothing replaces an individual’s active role in identity protection, but there are products — like Experian’s new IdentityWorks — that help consumers increase their awareness and provide tools enabling quick response to potential fraud. It becomes less of a burden when consumers set up alerts for their credit cards and bank accounts, as well as alerts to flag credit report changes.”
In 2016, more than 15-million Americans were victims of identity theft, up 16% from the previous year.
“Understanding the risks, being aware of the dark web, and researching what can help monitor and mitigate fraud aren’t optional these days. Unfortunately, the survey suggests consumers don’t consider these necessities a priority, which makes life easier for fraudsters,” added Bruemmer.
Key research findings:
• Only half (49%) of respondents feel they are likely to become a victim of identity theft; of those, 57% have household income of $100,00 or more and 45% have household income of less than $50,000.
• A significant majority of respondents (72%) think thieves are only interested in “wealthy people’s identities.”
• The number one perceived identity theft threat: data breaches (number two: phishing emails).
• It’s not uncommon for people to search for themselves online to see if anyone else is using their identity (26%).
• Bankcard monitoring and credit report monitoring were rated highest as “helpful” when it comes to identity theft (58% and 55%, respectively).
• Identity theft is familiar to most, with 52% of respondents having been victims or knowing someone who has.
• Identity theft victims acknowledged negative impacts to short- and long-term financial goals (37% and 27%, respectively).
• Of those victimized by identity theft while traveling, 55% stated it took from weeks to more than a year to resolve issues related to identity fraud.