banking customers more in the fight against online banking fraud.
Due for release on Wednesday, the FSA's Financial Risk Outlook 2006 points out the most serious risks it believes will affect consumers over the next year and a half.
Consumer confidence in online banking was found to be low. Concerns about the potential risk of online banking fraud were classed as high by half of internet users in the FSA's survey.
Those using online banking are taking steps to protect themselves against fraud by installing security software on their PCs, but the FSA found that more than one in four are unsure about when last they updated their software or rarely update it.
Even though banks are taking steps to protect online banking customers against fraud, the FSA believes more could be done.
"Banks need to look carefully at consumer attitudes and whether their initiatives are effective in maintaining confidence," says Philip Robinson, the financial crime sector leader at the regulator.
"To tackle the losses associated with fraud, banks should continue to drive security and this must include educating consumers on the importance of protecting themselves," he adds.
The UK payment association Apacs says in the first six months of last year, fraud losses through online banking totalled some £14.5 million.
Online banking fraud under the spotlight
Financial Services > e-banking > Banking news
Online banking fraud under the spotlight
Mon, 23 Jan 2006
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