Feeds

E-banking security provokes fear or indifference

Brits not bothered, or hot and bothered

Beginner's guide to SSL certificates

A recent study by analyst Forrester Research has unearthed conflicting views about the safety or otherwise of online banking. The survey of 11,300 UK net users found that while many online banking consumers are complacent about security, a large minority have given up online banking as a direct result of security fears.

Most UK net users are aware of security threats like phishing and keystroke logging but are unfazed by these risks and expect their banks to deal with the problem - even though these attacks are thrown against consumer's PCs rather than a bank's own systems. Ideally users want banks to supply a blanket guarantee against fraud.

Based on responses to its survey, Forrester concludes that an estimated 600,000 from a total of 15m subscribers have ditched online banking as a direct result of security fears. Forrester reckons that users are confused and banks need to step up their efforts to educate customers about online fraud. Measures to restrict the functionality of some accounts (for example controlling how much money can be transferred on any day), stronger internet banking authentication and improved customer profiling are also needed to defend against security threats, it advises.

In addition to people who plan to drop net banking accounts as a result of security fears, another fifth of net users say that security fears will stop them ever banking online.

Benjamin Ensor, senior analyst of financial services at Forrester Research, said: "Net users don't know what to think about online banking security. Without the technical knowledge to judge the severity of security threats like keystroke logging and phishing or, frankly, much interest in acquiring that knowledge people struggle to reach a balanced judgment. The result is that about half of the UK's Net users are either complacent or paranoid about online banking security. So UK banks still face big communication and security problems." ®

Choosing a cloud hosting partner with confidence

More from The Register

next story
Apple's new iPhone 6 vulnerable to last year's TouchID fingerprint hack
But unsophisticated thieves need not attempt this trick
SMASH the Bash bug! Red Hat, Apple scramble for patch batches
'Applying multiple security updates is extremely difficult'
Oracle SHELLSHOCKER - data titan lists unpatchables
Database kingpin lists 32 products that can't be patched (yet) as GNU fixes second vuln
Who.is does the Harlem Shake
Blame it on LOLing XSS terroristas
Researchers tell black hats: 'YOU'RE SOOO PREDICTABLE'
Want to register that domain? We're way ahead of you.
Stunned by Shellshock Bash bug? Patch all you can – or be punished
UK data watchdog rolls up its sleeves, polishes truncheon
Desperate VXers enslave FREEZERS in DDoS bot
Updated Spike malware targets Asia
Ello? ello? ello?: Facebook challenger in DDoS KNOCKOUT
Gets back up again after half an hour though
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.