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UK consumers will abandon online banking services if security falters

Wed, 03 Nov 2010

Around 10 per cent of UK consumers will leave their customary online banking services or retailers if they lose trust in the institution because of a security breach or data loss incident, according to a new report.

The Unisys Security Index found that many people are worried that their private financial details may be exposed if their online banking service is compromised, as well as having concerns about safe shopping online . Eighty-five per cent of UK consumers do not consider online fraud or identity theft to be a real risk for them, however 75 per cent of respondents said that they would not start an association with a retailer or bank which had been proven to have inadequate security in the past.

Generally, the level of concern with regard to internet security and safe shopping online has dropped since the last survey was carried out in April of this year, although 85 per cent of UK consumers are still anxious that cybercriminals and fraudsters will be able to steal their payment card details.
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