People are getting more worried about lax security in the banking world. More than 40 percent are doing fewer online transactions and more than 50 percent are concerned about their financial information being compromised online, according to USA Today. And about 80 percent of people are now afraid of ID theft occurring online. Add to that the fact that only one of the eight largest banks has moved to cooperate with federal guidelines to use better online authentication. Only Bank of America has adopted real security measures, while 99 percent of banks only require a user name and password. It’s in excusable and unacceptable, and it’s happening at J.P. Morgan Chase, Citibank, Wachovia, Washington Mutual, US Bancorp and Wells Fargo. People can easily access your account and steal your identity with just the user name and password setup. In Europe, there is very little account takeover because they are required to have very tight security features. There are many ways to do this in the U.S., and it would save banks a lot of money in the long run. Instead, banks are undermining people’s faith in our financial institutions. It would behoove everyone if banks would wake up and set up more secure service.