More than half of all UK internet users are not concerned by online banking fraud, according to a new study by Lloyds TSB.

Two-fifths (39 per cent) of those people surveyed said they are not worried by internet fraud because their bank will always reimburse them the lost money, while almost half (48 per cent) revealed that they believe the convenience of online banking outweighs the risk of fraud.

The study also found that a quarter (26 per cent) of respondents believe online scams do not worry them because “these things happen”, however only a fifth (20 per cent) of those people surveyed feel they fully understand how to stay safe online.

“Internet fraud is an issue no one can afford to ignore and it is by no means a victimless crime,” said Ian Larkin, managing director, consumer banking, Lloyds TSB. “Its impact stretches far beyond the customer whose money is taken and the bank it is taken from, with the proceeds often used to fund other more serious crime around the world.”

He added: “As a bank, we do everything in our power to keep fraudsters at bay by making sure our online security is second to none. But our customers also have a part to play in the fight against online crime.”