Online banking - a game of Russian roulette?

Online banking - a game of Russian roulette?
Online banking - a game of Russian roulette?

Consumers feel that they are playing Russian roulette when it comes to online shopping and banking.

A survey of 1,000 consumers by Entersekt found that 41 per cent were convinced that their accounts would be breached in the future. Also, it found that 51 per cent of women had reservations about the security of online banking and shopping, compared with 41 per cent of men.

The survey also found that 78 per cent of consumers are in favour of using keys, fobs and passwords provided by banks in an effort to increase security, with 18 per cent preferring reduced security as a payoff for reduced hassle.

Schalk Nolte from Entersekt said: “In today's world, consumers are not only aware that fraud exists, but many have either experienced it personally, or know someone that has and this is verified by our survey.

“This criminality impacts all of us through increased insurance, increased prices and increased hassle. However, what I think is interesting and actually quite comforting is that people are happy to be inconvenienced if it means they're better protected.”

In terms of banking on mobile devices, 48 per cent said that they were in favour of using apps to do transactions, 36 per cent were against and a further 16 per cent remain to be convinced.

“Just as people are looking to banks and retailers offering strengthened security, I believe mobile banking applications and services critically should reflect this requirement,” Nolte said.

“Trust is at the heart of any financial transaction and the very fact that 19 per cent of the people surveyed are already taking advantage of mobile banking is a strong indication that it's a service people require.”

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