Online banking has rapidly become the preferred option for people in the UK. But how safe is it?
What are the risks of online banking?
The main risk of banking online is unauthorised access to an account that allows transactions such as payments or money transfers. Linked debit or credit cards may be compromised, and accounts could be exposed to viruses.
How many Brits use online banking?
Around 47 million UK adults use some form of online/remote banking.
Which banks have the most secure online banking?
According to research undertaken by consumer rights organisation Which?, the two most secure online banks are NatWest and Starling Bank.
What elements help to make online banking secure?
There are a number of things that need to be done well to make online banking secure. Which? broke these down into four key categories. In order of importance these were: login, security best practice, account management, and navigation and logout.
Login includes the information needed to access accounts, and it includes usernames, passwords, and any additional authentication device or method.
Security best practice includes using ciphers, minimising script from external sources, asking only relevant permissions, and complying with the latest email security standards.
Account management includes how easy it is to set up a new payee, and whether notifications are sent when details are changed or payments made.
Navigation and logging out includes restrictions on using multiple devices, and whether logging out occurs after a specific amount of idle time. Logout should also be single click rather than needing confirmation, as this reduces the risk of a session being left ‘open’ by mistake.
Web security experts
If you feel that your website could do with a professional check, there are a number of specialist companies, such as www.etempa.co.uk/website-security-checks, who offer a range of website security checks to suit various needs and budgets.
What can consumers do?
As well as banks taking steps to prevent cybercrime, individual consumers can help by following best practices when it comes to passwords, using secure networks, and not sharing details.