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November 10, 2005

Web banking threatened by consumer security fears

A survey commissioned by internet security company Entrust has suggested that increasing concerns over online fraud is leading to a reduction in the use of internet banking by US consumers.

By CBR Staff Writer

The survey found that 18% of those questioned had either decreased their use of online banking or stopped using it completely in the past 12 months, due to concerns regarding the security of their online identity.

Unsurprisingly, almost all of those interviewed indicated their willingness to go through additional online security, but most were wary of paying for it. The findings may put constraints on how financial institutions can address the issue, driving them toward more innovative market solutions.

Kevin Simzer, senior vice president at Entrust said, The urgency of this problem demands immediate action, especially when considering the financial impact of customers reverting to more expensive channels to conduct their banking transactions.

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