Concerns grow over identity theft

Recent data released by the Australian Information Commissioner (OAIC) shows that Australians are becoming increasingly concerned about identity theft.

The results of OAIC's 2013 Community Attitudes Towards Privacy survey shows that a rising number of Australians are becoming highly protective of their details, with nine in ten respondents saying that they have refused to provide personal information  to some websites.

A further six in ten respondents said that they refused to use smartphone out of concern for their privacy.

This growing anxiety is causing many people to seek out better options for protecting their personal details online.

Credit card and financial companies are reacting well to this demand, with many actively instituting new measures to protect their customers online.

Both Visa and MasterCard have joined forces behind a campaign to ban signature authorisation for transactions, while PayPal has updated its Identity Theft Guide in order to help keep customers informed of the latest threats and prevention methods.

But Donna Short, a partner at Henry David York and expert in intellectual property and identity law, says that Australian banking providers need to do more to ensure that customer concerns are prioritised.

"Australian banks and other financial groups must clearly emphasise their commitment to security and privacy online, particularly via their tablets and smartphone offerings, if they hope to continue to see strong growth in their area," she said.

You can help everyday Australians make safer banking decisions by reviewing your bank and rating its security on Mozo.