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STATS

  • 87% of consumers monitor their credit reports only once a year or less.
    Research and Markets, www.researchandmarkets.com, 11/04/05
  • New account fraud represents approximately 30% of the $52.6 billion in US annual identity fraud, and remains a primary concern since it is more difficult for consumers to detect and results in higher average per case losses.
    Ibid.
  • England's bank credit cards are gradually shifting to the required use of chip and PIN at point-of-sale purchases to combat fraud. There was a 31% reduction of fraud in the first six months of 2005, the losses being £126.6m (about $222 million) in the first six months of 2004, and £89.9 m (about $158 million) in the same period in 2005. All their card use after Valentine's Day, 2006, must be by PIN, not signature.
    Apacs Release, FinExtra.com, Oct 11, 2005
  • Of U.S. adults who purchased a home within the last three years for their primary residence, 19% say they spent above their price range; 67% stayed within their price range; 2% were below.
    Wall Street Journal Online/Harris Interactive Personal Finance Poll, Reported on WSJ's Online's Personal Journal Edition, 9/25/05
  • Of the almost 34% of recent homebuyers who chose creative or option mortgages, 17% took an interest-only mortgage, where borrowers pay interest but no principal in the early years of the loan; 10% took a piggyback mortgage, where the loan combines a standard first mortgage with a home-equity loan or line of credit to avoid private mortgage insurance or the higher interest rates on jumbo loans; 4% opted for a payment option mortgage,- where borrowers have four payment options each month and those who elect to make the minimum payment could actually see their loan balance rise rather than fall; and 2% took the miss-a-payment mortgage,- where borrowers are allowed to skip up to two mortgage payments a year and up to 10 payments over the life of the loan without ruining their credit rating.
    Ibid.
  • The American Red Cross says online donations for Hurricane Katrina accounts for about 45% of total donations. Online donations for the 2004 Florida hurricanes represented about 12% of total donations.

Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 11, 11/05

First published on 11/01/2005

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