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24 January 2006
Banks have been called upon to provide more education to their customers about online security after new findings by the Financial Services Authority (FSA).
In its Financial Risk 2006 report, the full findings of which will be announced on Wednesday, the FSA says that half of internet users either fall into the brackets of "extremely concerned" or "very concerned" about the risk of fraud.
Moreover, 77 per cent of customer would stop banking online if forced to foot the bill for combating online fraud.
Philip Robinson, the financial crime sector leader for the FSA, said that the onus is on banks to take more responsibility as customers are often in the dark about the safety steps they need to take.
He said: "Most consumers recognise they have some responsibility for security but they are not necessarily following this obligation through.
"To tackle the losses associated with fraud, banks should continue to drive security and this must include educating consumers on the importance of protecting themselves."
The survey showed that over a quarter of consumers who have installed anti-fraud somewhat can't remember the last time they updated it, or admitted to doing so very rarely.
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