Indicating a wide gap between consumers' awareness of identity theft and their perceived ability to protect against it, a recent survey said despite heightened concerns, majority of consumers continue to use weak password management practices that can greatly contribute to increased vulnerability to identity theft.
"Although financial service institutions and the security industry have taken great steps over the past year to increase awareness of identity theft and encourage better security practices amongst consumers, organisations still need to go further if they want to see an increase in consumer confidence towards online business," a study by RSA Security said.
Consumers must feel confident and safe when making online transactions, it said pointing out that otherwise businesses would never realise the cost saving and revenue potential of the Internet.
According to the survey, some vulnerability comes as a result of poor management of PINs and passwords for access to online services, desktop computer systems, ATMs and other electronic services.