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Surfers Losing Trust In Net Security

Surfers Losing Trust In Net Security


Phishing, Pharming and other online security threats are damaging online confidence.


Online security threats such as phishing, pharming and key-logging are severely damaging the confidence of online banking customers.

The report, commissioned by Forrester Research Inc. states that many online banking customers are giving up altogether on the service due to security concerns.

Banks need to educate their customers better, the report suggests, and implement new, more secure, authorisation methods such as two-factor authorisation. Two-factor authorisation techniques consist of a two stage authorisation process - commonly PIN (personal identitication number) and TAN (transaction firewall number) authorisations.

According to the report, just 30% of the 22,907 Europeans surveyed for the report say that they are confident of the security of their personal information when carrying out financial transactions over the internet. More alarmingly, 40% of those who do not currently use online banking facilities, say that they have no plans to do so due to concerns over online security.

More worrisome for the banks is the fact that many existing online banking customers are giving up on the service altogether. In the UK, 1 millions internet users tried online banking facilities but gave up by 2002. Of these, 30% cited security concerns as the reason they stopped.

The report suggests that by improving online security, banks can maintain and expand their online banking customer base.

Security fears are much lower in countries such as Germany, Netherlands and Sweden where two-factor authorisation has already been introduced.


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