Barclays uses video evidence to fight e-crime

Barclays bank has launched a video to inform its online customers about potential security threats. The five-minute video, available...

Barclays bank has launched a video to inform its online customers about potential security threats.

The five-minute video, available on its website, is the latest in a string of announcements by the bank to help raise confidence in its online banking service.

Barclays announced earlier this month that its two-factor authentication system, Pinsentry, which is used by more than 1.5 million people has acheived a 100% success rate at stopping fraud since it was introduced in November last year.

Last month the bank announced the availability of free security software for online bankers. The software from Kaspersky has anti-virus capability, a spam filter, and a firewall as well as other security features.

Customer confidence in online banking is essential if banks are to win and retain customers as online transactions become the preferred method of making payments and managing accounts for an increasing number of people.

According to the Association of Payments and Clearing Services (Apacs) banks are reducing online fraud successfully. Online banking fraud losses fell by 33% from 2006 to2007 to £22.6m.

"Efforts to educate customers about the threat of phishing and spyware are paying off, and customers have become more security aware. Banks have also been increasingly successful at detecting and preventing suspicious transactions," said a spokesman.

Earlier this month, the House of Lords Science and Technology Committee said Banks should be made legally liable for e-crime losses. The Banking Code does not give individuals enough protection against online crime, the committee said.

Chris Skinner, CEO at financial services think tank Balatro, said banks must get the balance between security products and education right. "The difficulty they have is the more you tell people about the risks of online banking the more nervous they become."

He said this nervousness can be increased as banks offer customers more and more anti fraud security technology. "If I were a bank I would e-mail stories out to customers giving examples of the silly things that people do rather than just telling everybody they are at risk."

A Barclays spokeswoman said banks needed to educate customers and provide security technology. "It's not just about security products but also education."




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