UK internet users are mostly unconcerned by online banking security threats like phishing and keystroke logging and expect banks to deal with the problem.
A survey by Forrester Research among online banking customers found that about 600,000 have given up online banking over security fears, but banks cannot rely on the complacent majority if they are to prevent successful attacks.
According to Forrester, banks need to educate customers better about the dangers of online fraud and even restrict functionality on some accounts based on customer profiling to ward off security threats.
Banks should also put in place more rigorous Internet banking authentication procedures, said Forrester.
Benjamin Ensor of Forrester said, “Net users don’t know what to think about online banking security. Without the technical knowledge to judge the severity of security threats like keystroke logging and phishing – or, frankly, much interest in acquiring that knowledge – people struggle to reach a balanced judgement.”
Ensor said this lack of knowledge meant net users were in the main “either complacent or paranoid” about online banking security.”