Majority of Brits use online bank account services

30 September 2011 15:48:54

Many Brits fail to adopt security measures when banking online.

The vast majority of Britons now use the internet to access their bank accounts, according to new research by McAfee. The security software firm found that 92% of people do their banking in this way, instead of relying on telephone banking or visiting their local branch. However, the company's research also revealed that many people do not take simple measures to protect their bank account details and other personal information.

Online banking now the norm
Britain has become a nation of confident online bankers, with the latest McAfee research showing that more than nine in 10 (92%) people now bank online. Consumers tend to welcome the convenience afforded by internet banking, which allows people to check their account balances, set up standing orders and transfer money without going to a bank or building society branch.

Security remains a concern
Even though most people now bank online, McAfee found that many are not convinced by the security of the service they use. More than four-fifths (81%) of respondents said they were wary of banking over the internet, with the recent Sony PlayStation security breach and other high-profile cybercrime attacks fuelling their concerns.

The majority (54%) of people who took part in the McAfee research said they were more worried about the safety of their personal information than they were about losing their job and just one in three respondents said they were completely confident about the security of online banking.

Simple precautions being neglected
Despite these concerns, many people do not seem to be trying their hardest to protect themselves against cybercrime. McAfee found that 54% of internet users do not have a comprehensive security suite, instead relying on basic anti-virus software to protect their personal data. One in four respondents said they used obvious passwords, such as their mother's maiden name, because they were easier to remember, and 16% kept their online banking details on a piece of paper.

Raj Samani, chief technology officer for McAfee EMEA, claimed that banks' technology is usually not to blame in cases of banking fraud. "It's more likely that people are unwittingly giving out their personal banking information to criminals via phishing scams and copycat sites, or their computers being infected with malware," he explained. 

‹ Back

All news articles

All Bank accounts News
All News Stories

Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.

Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.