Concerns about email fraud impact online consumers' financial behavior. Twenty-six percent of online consumers report that phishing concerns have caused them not to apply online for a financial product. And 14% of online consumers have stopped using online banking and bill pay due to email fraud concerns. Financial firms aren't doing enough to educate online customers about phishing attempts. Firms need to step up their efforts to educate customers. Smart firms will extend their online security guarantee to cover email fraud.
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Phishing Awareness Is Low, But Email Fraud Concerns Are High