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May 17, 2005
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More than one-third of consumers surveyed (37%) reported that they have received a phishing e-mail, while 19% said they have received a phishing phone call.
Phishing is a growing form of attempted identity theft in which consumers are contacted via bogus e-mail messages that try to lure them into providing personal information such as their Social Security number and/or financial account information. Phishers, or fraudsters, may pose as financial institutions, credit card companies, retailers, government agencies or other entities with which consumers have a relationship.
Of those consumers who said they were contacted by phishers, 5% trusted the phishers enough to provide the requested personal information. Of those who said they provided information, nearly half (45%) reported that the information was used to make an unauthorized transaction, open an account, or commit another type of identity theft. In the past year, this contributed to the approximately 2 million new identity theft victims from phishing alone.
The survey also measured Americans' level of concern about identity theft as compared with a range of other national issues. The results revealed that Americans' concern about identity theft (50%) ranks close in importance to terrorism within U.S. borders (53%), state of the economy (52%), and concern about unemployment (41%).
"This new survey confirms that identity theft and phishing are national threats, and that consumers need help to fight back," said Debra Janssen, president, First Data Debit Services. "Close to 5% of phishing attempts are successful, despite significant efforts by the financial community to raise awareness and educate consumers about phishing."
"It's clear that more remains to be done," Janssen said.
Answering the call to action, Regions Financial Corporation is teaming with First Data's STAR Network to distribute a series of radio and television public service announcements to help consumers recognize phishing schemes before they become victims. Regions, a STAR member, is one of the nation's Top 15 financial services providers and the parent company of Regions Bank and Union Planters Bank.
"In our survey, we found that 60% of consumers reported having seen or heard public service announcements or educational materials about phishing," Janssen said. "We are pleased to work with our clients such as Regions to help drive that number up -- and to help fight this 21st century form of fraud."
William Askew, Regions executive vice president of consumer and business banking, said teaming with First Data's STAR Network was a next natural step for Regions, which was a founding member of the Identity Theft Assistance Center (ITAC), a non-profit cooperative industry initiative to help victims of identity theft by streamlining the recovery process.
"The best way we can put the bad guys out of business is to educate people, and we are proud to take a lead role in this effort," said Askew.
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