It has emerged that fears over security are preventing many people from using online banking services, with a large majority lacking confidence in existing security measures.
A survey carried out by Forrester Research showed some 70 per cent of people to have doubts over the security of personal financial information such as credit and debit card numbers when used to make transactions online.
These results come in stark contrast to the fact that many of these consumers are still happy use their cards elsewhere, such as in restaurants.
Commenting on these findings, Forrester concluded: "Banks should look to educate net users about security precautions, not let usability fears compromise security, deploy or strengthen two-factor authentication urgently, and collaborate rather than compete on security."
According to recent figures from Apacs internet fraud rose by 28 per cent last year to £25.8 million in total and is expected to rise further this year.
Security worries deterring online bankers
Financial Services > e-banking > Banking news
Security worries deterring online bankers
Thu, 31 Mar 2005
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