Survey finds fears about online banking

Nov 08, 2005

A survey by a cybersecurity firm has found an erosion of confidence in online banking among U.S. consumers.

Entrust Inc. said Tuesday that 18 percent of U.S. consumers are using online banking less due to concerns that their accounts and other personal information could be compromised by phishing and other machinations.

The result, according to Entrust, could be banks having to actually rely on paid human employees to handle customer service through call centers and branches.

"The urgency of this problem demands immediate action, especially when considering the financial impact of customers reverting to more expensive channels to conduct their banking transactions," warned Entrust, which happens to market banking security solutions.

Entrust's survey found that most consumers would be reassured by a higher level of security at their financial institutions, although nearly all would want the bankers to bear the costs of the upgrades.

Copyright 2005 by United Press International

Explore further: Mental health monitoring through 'selfie' videos and social media tracking

add to favorites email to friend print save as pdf

Related Stories

Davos elites warned about catastrophic cyberattacks

15 hours ago

Attacks on power plants, telecommunications and financial systems, even turning all of Los Angeles' traffic lights green: Davos elites were warned Saturday of the terrifying possibilities of modern cyber ...

Recommended for you

Sheriffs expand concerns about Waze mobile traffic app

9 hours ago

A law enforcement campaign to compel Google Inc. to disable a feature in its popular Waze traffic app that lets drivers warn others about nearby police activity shifted Wednesday when a sheriffs' organization ...

Moving big data faster, by orders of magnitude

9 hours ago

In today's high-productivity computing environments that process dizzying amounts of data each millisecond, a research project named for "a trillion events per day" may seem relatively ordinary.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.