67% UK adults expect banks to foot the bill of fraud

Two-thirds of UK adults expect their bank to pay the bill in its entirety if they were the victim of fraud, regardless of the amount lost, a report from Akamai Technologies has found.

The report found that 78% of respondents use online banking services at least once a week, with 58% receiving scam attempts via email or SMS text message at least once each week. Furthermore, 23% of respondents said they had been a victim of a successful cyberattack.

Consumers are becoming better aware of their online security, with 59% of those in the survey stating they do not use the same password for any online service. This is in contrast to a report from LastPass in 2019 that found 68% of people use the same or similar password on multiple places.

There is also a lot of confidence placed on the banks, with 86% of people saying they are confident in their banks’ ability to protect them from cybercriminals. If an attack is successful, 67% expect their bank to pay the bill. On top of that, 17% would want additional financial compensation and 18% would want a personal apology.

Failing to do this could cost banks customers, as 51% said they would switch financial providers if they were the victim of a fraud attempt and were not reimbursed.

Akamai director of security technology and strategy EMEA Richard Meeus said, “While 98% of respondents use some kind of security measures to protect and access their online banking, not all services are created equal. Only 19% use a dedicated multi-factor authentication app which is concerning as this is one of the most robust forms of protection out there and is one of the lowest used.

“Rising rates of cybercrime mean rising costs for banks as they reimburse their customers en masse. Banks need to work with governments and industry to share effective strategies, educate the public on important preventative measures, and implement security models that ensure maximum protection – and retain customers.”

Akamai surveyed 2,417 UK adults for its report.

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