Consumers Still Worried About Privacy

The July 1, 2001 deadline for financial institutions to comply with privacy regulations under Title V of Gramm-Leach-Bliley has come and gone, and 35% of consumers are more concerned about their financial privacy than they were a year ago. That was a finding of a survey of 1,000 consumers conducted by SWR Worldwide for Star Systems, a Maitland, Fla. subsidiary of Memphis-based Concord EFS Inc. The other 65% of consumers surveyed, however, report either the same level (59%) or a lower level of concern (6%). Survey respondents also recognize potential benefits of sharing information. Two-thirds (66%) of those surveyed understand that information can help prevent fraud, and 60% agree that it can minimized identity theft and improve customer service. Fewer see information sharing as enabling them to obtain discounts on future purchases (54%) or receive information about new products and services of interest to them (53%).