Fighting Fraud With Online Banking

Javelin Strategy & Research, a San Francisco-based research firm, released its report entitled "Online Banking and Bill Paying: New Protection from Identity Theft" on October 3, 2003.   The report asserts that the practice of paying bills online can help prevent identity theft in two ways. First, by reducing the amount of physical mail individuals or businesses receive, criminals will have less opportunity to easily seize and use information illegally.   Second, individuals who bank online are four times more likely to monitor their transactions and, presumably, are therefore more likely to catch anomalies than those who wait for paper bills and monthly statements. The report estimates paying bills online can save consumers and businesses $4.8 billion in fraud costs annually. A summary of the report can be found at: http://www.internetnews.com/ec-news/article.php/3087351. Summary by: Colin Adams