Money News

Record number of Brits now banking online

Thursday, 14 January 2010 Writes Hazel Cottrell hazel.cottrell@consumerchoices.co.uk

Online banking has grown massively in popularity over the last decade, but experts warn that users need to make sure they don’t expose themselves to fraud.

The number of UK adults using online banking for their main current account increased to 22 million in the first half of 2009, according to Financial Fraud Action UK.

Online banking has totally changed the way we manage our accounts.

This is over half of the 41.4 million regular internet users in the UK.

Katy Worobec, head of fraud control at Financial Fraud Action UK, said: “Online banking has totally changed the way we manage our accounts, enabling us to keep a much closer eye on our finances outside of traditional banking hours.”

She said the chances of becoming a victim of online banking fraud are low, but suggested there are a number of common sense steps that people can follow to significantly minimise the risk.

Worobec advised: “Online banking customers should make sure they remain wary of unsolicited emails or calls from people claiming to be from their bank.

“You should never tell anyone what your PIN is and you should never enter personal details after accessing a website via a hyperlink in an email.”

Financial Fraud UK has published an updated security advice guide, which can be downloaded from the Bank Safe Online website (www.banksafeonline.org.uk).