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Report shows internet users changing bank/e-tail loyalties over privacy and security concerns

The bi-annual index shows that 85% of the population is now worried about bank card fraud and identity theft. And 75% of people also say they will not shop or bank with people they cannot trust their personal information with.

Interestingly, however, the report notes that online users in the UK are taking a selective approach to their online safety as, whilst a sizeable number limit access to personal information on social media sites, 39% admit to rarely considering privacy protection when shopping or banking online.

Commenting on the results of the survey, Amichai Shulman, Imperva's chief technology officer, said that, what some banks don't seem to realise is that, despite the security barriers being raised in recent times, the criminal hacking industry is not going to close down.

"On the contrary, it is on the rise and as long as the banks and retailers do not strengthen the technology available to their customers, we are bound to see more security incidents", he said.

And, he says, the results of the survey show that customers now understand that it is high time that these organisations safeguard the information they have been entrusted with.

The ball, he went on to say, is now in the banks' court when it comes to taking the necessary steps to stop the outflow of customers, especially now there are a number of new players entering the retail banking market.

"Banks need to wake up and smell the security coffee. They need to listen to their customers and this survey, and ensure they place the correct controls to keep the customer data as secure as possible", he said.

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