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March 9, 2017

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Banking Security

Consumers bank online regardless of cyber security risks, finds new research

Though nearly 12 million people have been victims of financial cybercrime in the UK, consumers will continue to bank online even if they believe they risk becoming victims, according to the study by Equiniti.

The survey, which was conducted by YouGov, reveals phone type, social media and even banking habits can make consumers into targets of cybercrime.

HTC smart phone owners were mostly likely to be targets of cybercriminals while using the social media site LinkedIn presented more of a risk than Facebook, Instagram and Twitter sites.

Some 87% of respondents surveyed said they banked online through a computer. However, only 17% described it as ‘very secure’. And while 48% respondents said that they banked through a mobile app, only 9% of all respondents thought it ‘very secure’.

Alistair Blaxill, CEO of Equiniti’s EQ digital business, says: “These findings show that people value the convenience of online services so much that they will use them even though they think there may be risks attached.”

Equiniti, a provider of financial technology, is developing a platform and support service for banks to use biometric security measures on mobile banking apps. The technology allows facial and voice recognition technology to be used along with geo-location recognition to reduce the risk of theft and identity fraud. The platform can provide ‘proof of life’ validation for recipients of payments.

Critically Equiniti’s technology will enable security measures that will not impinge on the convenience of using online and mobile banking services.

“We are investing in biometric technology for the banking sector that will help reduce the risk of being targeted by criminals without adversely impacting the way services are accessed,” says Blaxill.

 

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