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Realistic Brits want at least 3 security steps on bank accounts

Which breach were your details revealed in, then?

By John Leyden, 8 May 2017

Three in five Brits reckon that fewer than three security steps – including passwords, card readers or letters from a memorable word – are insufficient to assure their bank account is secure and not accessible by other people.

The online survey, conducted by YouGov and sponsored by credit reference agency Equifax, found just over a fifth of the 2,000 Brits quizzed (21 per cent) have previously had either their social media or email account hacked. After discovering an account compromise, the majority (81 per cent) responded by changing their password, while 20 per cent chose to completely close the account.

Younger people are more inclined to close their account following a password compromise, with 39 per cent of people aged 18 to 24 closing their account versus 18 per cent of 35- to 44-year-olds and 12 per cent of over-55s doing so.

When asked about what personal information would concern them most if stolen and used for fraud, bank details topped the list (81 per cent), followed by debit or credit card pin number (72 per cent), passport (60 per cent), and driver’s licence (46 per cent). Personal photographs were of least concern, with only 27 per cent of people worrying about these being stolen by fraudsters.

John Marsden, head of ID and fraud at Equifax, said: "Multi-layer authentication is common practice among financial providers. However many consumers are unaware of the invisible layers that also form part of the verification process when they’re accessing their bank accounts. As account hacking remains an issue, it’s no surprise that loss of financial details is a top concern for consumers, who increasingly demand higher security to protect their money."

In other consumer banking news, Barclays has launched new debit card controls that will allow customers to enable or disable whether their card can be used to make remote purchases, or set their own daily ATM withdrawal limits on the Barclays Mobile Banking app. Barclays is debuting the new controls as part of a drive to increase the public’s awareness of financial fraud risks. ®

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