Online banking customers scared off

Online ID theft worsens, scares US customers All I know, being required to change passwords every 3 months is a pain. I don't do it so I don't bank online. I'm waiting for the RSA SecurID Appliance. Flash demo here

"Consumers can do everything right—not give out passwords or financial information—and still become victims," said Susanna Montezemolo, a policy analyst at Consumers Union, in an interview.

An October survey commissioned by Internet security company Entrust Inc. and released at the forum found that 18 percent of Americans who have banked online now do so less, or not at all, because of security concerns. Ninety-four percent say they're willing to accept extra online security protections.

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The council, composed of U.S. regulators including the Federal Reserve and Federal Deposit Insurance Corp., expects banks to require at least two forms of authentication when the risks of online breaches are too high. The second form can include smart cards, tokens that generate random passwords, or biometrics that identify fingerprints or handwriting.

Some 10 million Americans are ID theft victims each year, the Federal Trade Commission

--Consumers, moreover, complain about cumbersome security procedures. Tuesday's survey showed 81 percent don't want to pay for extra online banking protection.