Ready, Fire, Aim! - Mihail's Public Blog: Phishing taking bite out of ecommerce

Thursday, June 23, 2005

Phishing taking bite out of ecommerce

As my junk email folder gets filled up each day with random emails and various scams trying to get me to reveal my bank or PayPal account information, this Wall Street Journal story (subscription required) on a new survey reveals that "phishing" is beginning to impact customer confidence online:

In a disturbing message for online retailers and bankers, more than 42% of online shoppers and 28% of people who bank online are cutting back on their activity because of "phishing" attacks and other assaults on sensitive data, according to a May survey of 5,000 U.S. online consumers by Gartner, scheduled for release today.

The firm estimates that growth in electronic commerce and online financial services during the next three years will be one to three percentage points lower than if electronic information were better safeguarded. Before taking into account the concerns about doing business online, Gartner had predicted e-commerce -- excluding travel, entertainment tickets and car sales -- would grow 18% in 2005, 15% in 2006 and 11% in 2007.

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