Concerns surrounding information security is driving customers to take their business elsewhere. A report just published shows that one in ten bank customers have moved banks owing to privacy and security concerns.
"The bi-annual index from Unisys shows that 85% of the population are worried about bank card fraud and identity theft. In addition, 75% said that won't bank or shop with people they cannot trust to safeguard their personal data," said Amichai Shulman, chief technology officer at data security specialist, Imperva.
"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 added.
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