August 16, 2005

What UK Net Users Think About Phishing

And What Banks Should Do About It

by Benjamin Ensor

with Martha Bennett, Jonathan Penn, Ivan Remsik, Tim van Tongeren

Executive Summary (This is a document excerpt)

Most UK Net users, and particularly those who use Internet banking, are aware of security threats like phishing and keystroke logging. But most aren't that worried by the threats and expect their banks to deal with the problem. Even so, about half a million Net users have given up Internet banking as a direct result of security fears. Banks can't rely on the complacent majority of their Internet banking customers to prevent successful attacks. Instead, they need to educate customers about online fraud, restrict the functionality on some accounts, and use customer profiling to defend against security threats — as well as deploying stronger Internet banking authentication.

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