Take care when using online banking services, consumers warned

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Take care when using online banking services, consumers warned

Thu, 23 Nov 2006

Individuals and the financial industry need to work together to improve online banking security and financial safety in general.

Additionally, consumers should not keep passwords or login details used for online banking services written down in case someone finds them, according to Angela Knight, chief executive designate of the British Bankers' Association.

On a further security note, consumers should not divulge credit or debit card information during a telephone transaction, unless they have instigated the call, Ms Knight suggests.

An example of when personal finance details can be revealed on the phone is when an individual has contacted their bank to organise virtual banking or reiterate their banking terms definitions.

"Everyone has a responsibility to fight financial fraud. The banks have a duty to protect their customers and to keep information safe," Ms Knight says.

"They are good at it but isolated incidents can crop up. These are fully investigated and procedures changed where necessary. But people have to take responsibility for their own security too."

Last week, online bank first direct indicated that they may charge customers £10 for not maintaining a monthly balance of £1,500.

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