Experts estimate that 150 million consumers in the United States choose not to bank online due to fears over identity theft. TriCipher Consumer Online Banking Study believes, however, that the banking industry can increase their profitability by as much as $8.3B per year by proactively improving security standards.

The survey also revealed that offering free identity protection software would make 31 million consumers feel safe enough to bank online and for another thirty-nine million existing online banking customers to even increase their activities.

Extra Vigilance Only
The study further detailed the willingness of majority of consumers to take extra steps in protecting their identities but their reluctance as well to pay extra for added online security. The study showed how most of the respondents felt that such security services should be offered to them for free.

Improvements for Online Protection
Last August 14, 2007, Intersections Inc., together with Sana Security, introduced Safe Connect. The online security program is the first of its kind, combining behavior-based anti-malware with credit bureau file monitoring.

By monitoring a person’s credit report, Identity Guard is able to alert the user in case of any suspicious activity, giving the individual enough time to respond accordingly and prevent identity thieves from gaining from stolen data and consequently damaging his credit score. Email notices are sent to alert users of any dubious activities.

Identity Guard also makes signature and virus scanning updates unnecessary as it can detect malicious software bots and other attacks upon entering a person’s computer system.

Intersections’ partner, Sana Security, has been awarded as Editor’s Choice by Service Provider Weekly because of its overall effectiveness and pricing. It has been particularly commended for its proactive solution in detecting and defeating malware threats before it can cause any irreparable damage.

In terms of response from the banking industry itself, Wells Fargo is one of the banking companies that had stood out with their commitment to providing secure and reliable service for their customers.

The San Francisco-based banking company combines both the market’s best online security solutions with in-house expertise to reduce risk of identity theft for their customers. In offering a Fraud Information Center, it is the company’s goal to make online banking experience as simple, convenient, and safe as possible for their loyal patrons.

Wells Fargo was very much vocal in their willingness to “take responsibility of online customer protection rather than placing the burden on their consumers”. Lastly, they believe that comprehensive risk management, education, and technology are the key factors of fighting fraud.

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