Nearly half of adults (46%) say they are more worried about someone stealing funds from their bank accounts or stealing their identity. Perhaps because of the belief that desperate times lead to desperate measures, or maybe because each dollar is more precious this year, security and identity theft are top concerns for today's consumers.
"Some consumers worry that because of economic concerns this year, banks aren't paying as much attention to security and identity theft issues as they have in the past," said Susan Menke, Chicago-based Mintel Comperemedia's behavioral economist. "This really isn't true, so banks need to reassure their customers that they're being well taken care of. Focusing on security and identity theft protection capabilities can give banks and credit unions a competitive edge and strengthen customer relationships."
Identity theft protection is very important to consumers, especially when choosing which banks to do business with. Nine in 10 people told Mintel that protection against identity theft and illegal account access was very or somewhat important to them when selecting a bank. Among small business owners, 42% rank identity theft protection as one of the top three factors they would consider when obtaining a new business credit or debit card.--Tanya Irwin