Online banking grows in popularity

Figures released today show the number of adults using online banking has increased by 505 per cent in the past seven years.

The figures, released by UK payments association, Apacs also found this amounted to 21 million using online banking services last year compared to less than 3.5 million in 2000.

But the payments body also said that criminals are increasingly targeting online bankers, through phishing and spyware scams, the more the channel grows in popularity and banks‘ own central systems are made more robust.

Phishing attacks have become far more frequent this year, with the latest Apacs data showing more than 20,000 reported phishing incidents in the first half of 2008. This amounts to an increase of more than 180 per cent from the same period last year.

Sandra Quinn, Apacs director of communications, said: “The fact that the number of people banking online now exceeds 21 million is testament to how easy, convenient and safe this way of banking is.”

Quinn added that Apacs expects more people to start using online banking to make payments rather than just checking balances, particularly in light of the recent introduction of the new faster payments service, which enables customers to make one-off payments over the internet or by phone in less than a day.

But she added: “We strongly urge banking customers to make sure they remain wary of online scams such as unsolicited emails claiming to be from their bank and to only use a fully protected PC with regularly updated anti-virus software and a firewall installed and switched on.”

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