A new report suggests that most of Britain's online population are either too complacent or too paranoid about security associated with online banking.
Research by Forrester Research revealed that about half of the UK's internet users fall in one of these extreme categories. It also noted that UK banks still face big communication and security problems.
"Internet users do not know what to think about online banking security," Forrester Research senior financial services analyst Benjamin Ensor told VNUNet.
"Without the technical knowledge to judge the severity of security threats like keystroke-logging and phishing (or much interest in acquiring that knowledge) people struggle to reach a balanced judgment," he noted.
The bank's systems are not affected by phishing and keystroke-logging, as these practices harm the online banking customer.
However, Mr Ensor noted that even though many online banking customers have heard about these threats, they expect their banks to solve the problem without their involvement, "ideally with a blanket guarantee against fraud".
The survey also found that in the UK, 600,000 online banking customers have given up on internet banking. This was a direct result of fears over the security of internet banking transactions.
Over six million people are deterred from online banking due to fears over internet banking security breaches, it has been estimated.
Complacency, paranoia threatens online banking
Financial Services > e-banking > Banking news
Complacency, paranoia threatens online banking
Thu, 08 Sep 2005
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