Identity theft online: Debunking the myths
January 12, 2004 |
The most significant progress toward reducing consumer identity theft can be made by turning to online banking, as well as viewing and paying bills online.
James Van Dyke had a hunch last year that the commonly held belief that the Internet was causing an increase in identity theft and credit card fraud was not valid. Extensive research he conducted debunks many of the myths about the correlation between online activity and ID theft.
Contrary to popular opinion, Van Dyke, a research analyst for Javelin Strategy and Research, found that using the Internet for bill paying and banking can reduce risk by up to 18 percent and potentially save consumers up to 60 hours of personal time and US$1,100 in the cost of paper checks and postage.
His report, “Online Banking and Bill Paying: New Protection from Identity Theft,” concludes that using the Internet can actually help protect consumers and businesses from two of the most common kinds of identity theft: fraudulent opening of new accounts and unauthorized use of existing accounts.
Get the full story at E-Commerce Times
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