A new survey conducted for Entrust shows consumers are cutting back on online banking and e-commerce transactions because of fears about identity theft.

The survey polled consumers in the U.K. and Germany, and found that 13 per cent of consumers have decreased or totally stopped their online banking, and 12 per cent have either decreased of stopped all forms of e-commerce in the past 12 months because of identity theft concerns.

"Identity theft is impacting global e-commerce," says Bill Conner, chairman, president and CEO of Entrust. "The message from consumers is clear – secure our identities and we will vote with our wallets."

Entrust conducted a similar survey last fall that focused on the North American market.

Overall, the study found 79 per cent of consumers worried about online identity theft.

While the latest survey found consumers would make greater use of online banking and e-commerce if their security were assured, few were willing to pay an annual fee for the privilege. Only 20 per cent were willing to pay more to cover the cost of online security measures.