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As incidences of ID theft have more than doubled in the past five years,costing the UK economy over £1.7 billion a year, the recentNational Identity Fraud Prevention Week offered a chance to remindpeople how important it is to stay vigilant.
Yet the onus falls heavily on financial institutions to protect theirsensitive information. Recent research shows that almost one third oftransactional websites do not encrypt their data, thus leaving theircustomers at risk. This frightening lack of security blows theopportunity for ID fraud and financial theft wide open.
All organisations that conduct financial transactions online should beusing two-factor authentication and encryption technology to protecttheir customers and improve consumer confidence. This is a challengethat needs to be risen to 24/7, 365 days a year, not simply in the weekwhen the world is watching.
Gary Clark, vice-president, EMEA, SafeNet UK.