Study: Online-driven shoppers at risk for identity theft

Online shoppers that prioritize convenience for security could begin feeling the fallout.



The new study, “Online Privacy vs. Security,” from consumer risk management provider ID Analytics, revealed that shoppers failing to strike a balance between protecting their privacy with their desire for convenience are facing security challenges. Specifically, consumers defined as having a high degree of online exposure are four times more likely to become victims of identity theft than the general population. This “high degree of online exposure” is defined as routinely sharing personal information through multiple online channels, the study said.



“Consumers increasingly prioritize convenience over security and privacy, which will likely lead to rising amounts of fraud in the coming years,” said Dr. Stephen Coggeshall, the company’s chief analytics and science officer. “As criminals become increasingly well-armed with the insights they need to steal more identities, they will become even harder to catch.”



As digitally-savvy consumers increase their demand for online convenience among the organizations they interact with, chains are collecting and retaining more data than ever about their customers. These details put both retailers and consumers at risk, especially as cyber-thieves grow more sophisticated in their pilfering methods.



The best way to predict a shopper’s online exposure is to analyze the number of their active social profiles. According to ID Analytics, consumers who limit their online exposure make it more difficult for fraudsters to access their personal information. To reduce the risk of identity fraud, consumers should be cautious with regard to what information they share and where they share it, the report said.