Consumers woolly on online banking fraud

by Gill Montia

Story link: Consumers woolly on online banking fraud

Lloyds TSB has come up with some surprising results in a survey about online banking fraud.

Whilst 93% of respondents to the survey were aware that Internet banking fraud is not a victimless crime, 51% were not concerned about it.

Further investigations reveal that 26% of those surveyed were not concerned because “these things happen” in life and 39% didn’t dwell on the subject because they believed their bank would always reimburse them.

Forty-eight percent of respondents thought that the convenience of Internet banking outweighed the risk of becoming a victim of fraud.

Ninety per cent of the online bankers surveyed believed they had done all they could to avoid becoming a victim of this type of fraud but only 20% felt they fully understood what measures they should be taking to avoid it.

Twenty four percent believed they could be better informed about online security and those aged between 18 and 25 felt less well informed that other age groups.

Only 15% of respondents within that range believed they were very well informed about what they need to be doing to avoid becoming a victim of online banking fraud.

Lloyds TSB is advising its online banking customers to choose passwords that won’t be obvious to anyone attempting to access their account and to regularly update security on PCs.

The bank has also produced an Internet security podcast to drive its message home (available at www.lloydstsb.com/security).