32% of online banking customers increased monitoring of their accounts

From March 2004 to March 2005 only 5% of online consumers indicated that their online banking transactions decreased. Nearly four times as many indicated an increase. Over this same time period, 32% of consumers increased the online monitoring of their accounts, 21% increased the monitoring of their credit ratings or status and, in contrast, only 4% decreased either activity. When asked how identity theft concerns have changed their online banking behaviors over the past 12 months, 70% indicated either an unchanged or an increased number of online banking transactions. Victims who discover fraud via their once-a-month paper statement review encounter average per incident damage of $4,543 – over eight times higher than those victims monitoring accounts through electronic methods (online, ATM, etc.) who realize an average loss of $551, Javelin Strategy reports