Thales Blog

Half Of Internet Users Bank Online – So Why Is Security Still Lagging Behind?

January 15, 2010

The UK Payments Administration recently stated that half of internet users now bank online. In fact, in the first half of 2009, 22 million adults used internet banking on their main current account. These figures show just how popular this channel has become and the need for greater security if banks are to ensure ongoing consumer trust.

As internet banking becomes even more widespread, banks still have a long way to go in fully securing online banking transactions. As mentioned earlier this month, online banking fraud actually increased by 55 per cent in the first six months of 2009. It is clear that banks must do much more to secure this channel. Providing card readers to all UK consumers would be an effective first step towards tackling this problem.

Let’s hope these statistics help to spur banks on towards a greater focus on tackling on-line banking fraud. A loss of confidence in this channel could lead to a return to branch banking, which is a much more costly way for banks to serve their customers..