Computer Crime Research Center


Online banking fears

Date: December 29, 2005

One in five Britons (18 per cent) did most of their banking online in 2005, according to a new report from Lloyds TSB Internet banking.

The findings also show that a fifth of the population (20 per cent) have used the web more often this year to manage their money.

Young people aged 25-34 are most likely to do their banking on the Internet (27 per cent), but 22 per cent of those aged 35-44 also use the web to organise their finances as do 20 per cent of those aged 45-54. Men are slightly more inclined to use the web (20 per cent) than women (15 per cent).

Despite the growing popularity of Internet banking many people still aren't aware of all the financial tasks they can do online. A fifth (23 per cent) did not know they could check their balance on the web, while a third (28 per cent) didn't realise they could go online to pay bills. A similar number (29 per cent) didn't know they could use online banking to search for statements, while 34 per cent weren't aware they could also transfer money or manage direct debits.

Although a third (35%) indicated fears over security as being the reason they didn't bank online, the vast majority of those surveyed (65 per cent) had no such fears and felt Internet banking was safe.
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