Avoid online banking fraud with new guide

by Gill Montia

Story link: Avoid online banking fraud with new guide

As banking “remotely” (whether online or over the phone) continues to gain ground, Financial Fraud Action UK (FFA UK) has published an updated security guide for consumers.

According to the body, it is just 12 years since Internet banking began, but in the first half of 2009, 22 million adults went online to access their main current account.

For the first time, over 50% of regular Internet users in the UK (41.4 million) are banking online.

Meanwhile, the number of people banking over the telephone has declined to 14.5 million, from a high of 16.1 million in 2005.

The most popular online tasks are checking account balances and checking statements, performed by 95% and 83% of users respectively.

FFA UK head of fraud control, Katy Worobec, believes the chances of becoming a victim of online or phone banking fraud are low, but recommends a number of steps that can help people significantly minimise the risk.

A new guide detailing the advice can be downloaded from www.financialfraudaction.org.uk.

Financial Fraud Action UK is the name under which the financial services industry co-ordinates its action on fraud prevention, apparently “presenting a united front against financial fraud and its effects”.