Survey: Identity theft greatest emerging financial crime threat

Nov. 14, 2008
Executives weigh in on security issues facing the financial industry

A recent survey conducted by risk and compliance firm Fortent, found that the greatest fear among executives at financial institutions is the emerging threat posed by identity theft.

According to the survey, which polled executives from 30 financial institutions around the world, 52 percent of respondents said that identity theft was the greatest emerging financial crime threat.

Among the other crime threats noted by respondents included:

• “Virtual World” payment systems – 44 percent
• Electronic checking – 40 percent
• Employee fraud – 32 percent
• And, Stored valued cards – 28 percent

"The expansion of payment platforms, while good for business, poses new risks on both the regulatory and security fronts," Fortent Chief Marketing Officer Ed Baum said in a prepared statement. "Our survey reveals that financial institutions are acutely aware that they must respond to these emerging threats."