Bank Customers Troubled by Security Breaches

Bank Customers Troubled by Security Breaches

August 13, 2013         Written By Justin Hefner

With the number of online banking frauds that have occurred over the last few years, it’s no wonder that most people are at least somewhat concerned about the security of their accounts online.

According to a recent poll from Entersekt, 85% of US adults with bank accounts are worried about the potential for fraud in the future. 71% of those surveyed said they would be likely to change banks if their current institution experienced fraud in the coming years, whether it was through phishing, malware or cyberattack.

“According to RSA’s 2013 report, The Year in Phishing, online banking fraud is a nationwide epidemic in which banks, which lost $1.5 billion in revenue last year from phishing attacks, are simply accepting losses instead of proactively adapting their defenses,” said Entersekt’s chief technology officer Christiaan Brand. “What makes the issue complicated is the increased sophistication of hackers, but technology aimed at thwarting attacks is evolving too.”

The survey showed that nearly 60% of consumers would be willing to take extra steps to secure their online banking accounts, like verifying their identity when they authorize certain activities. There are plenty of products online that are designed to do just this, but many of them have not yet hit the mainstream.

Entersekt’s research revealed that the average person accesses his or her bank account online at least 10 times a month, which means that the need for security is now greater than ever. As technology continues to evolve, online banking security will hopefully follow suit.

The information contained within this article was accurate as of August 13, 2013. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Justin Hefner

Justin Hefner is in the education field and has written about a number of financial issues. He holds a Bachelor of Arts degree from Texas Tech University and a Masters in Education from Texas State University.
View all posts by Justin Hefner