Quarter of Web users in UK and Sweden don't trust online banking services

Quarter of Web users in UK and Sweden don't trust online banking services

One in four Internet users in the UK and Sweden do not trust the online security measure implemented by banks, according a survey of Internet users in both countries conducted by Swedish security firm Todos.

The survey of 1200 Internet users across both countries found that 85% of Web users in Sweden use online banking services, compared to 55% in the UK.

The study shows that 25% of Internet users in both in Sweden and Britain do not feel that banking sites are as secure as they could be. In Sweden, seven per cent of respondents had major doubts about the security measures implemented by banks, compared to four per cent of UK respondents.

But twice as many UK respondents said they had been victims of online fraud (20%) compared with Swedish respondents (10%).

Security risk was the main reason cited for not using Web banking services by Swedish respondents, but UK customers cited lack of interest in Web banking as the main reason for shunning online services.

Almost half (40%) of Swedish respondents would not provide debit or credit card numbers on the net, compared to 21% of UK respondent. The Brits viewed their social security number as the most sensitive information, with 63% or respondents saying they definitely wouldn't enter the numder on a Web site.

Per Jakobsson, CEO, Todos Data Systems, says: "The study shows that despite the fact that many people use an Internet bank they are concerned about security issues...It is imperative for the banks to upgrade and enhance their solutions in terms of support and security."

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