Fraud fears scaring off Canadian Web banking customers

Fraud fears scaring off Canadian Web banking customers

Concerns about safety and security are preventing Canadian customers from adopting Internet banking services, according to a survey conducted by TD Canada Trust.

The national survey of more than 700 consumers found that among non-users of Web banking services, other than a preference to use the branch or other channels, concern about the safety and security was the top reason for not adopting online banking.

However the survey also found that less than 30% of Web banking users, and under 20% of non-users, were aware of the terms 'phishing' and 'Web site spoofing', although there was generally good awareness among both users and non-users of general Internet security terms like 'spam' and 'spyware'.

Nearly one in five customers also reported a change to their online behaviour due to security threats, with the vast majority installing security software or a firewall. But the vast majority of customers - 82% - still believe that their bank should be primarily responsible for security measures with respect to online banking.

Jeff van Duynhoven, vice president of electronic banking, TD Canada Trust, says: "People not only assume but quite frankly require a high degree of comfort in the online security offered by their financial institution. In other words, online security is non-negotiable."

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