Realistic Brits want at least 3 security steps on bank accounts

Which breach were your details revealed in, then?

Three in five Brits reckon that fewer than three security steps – including passwords, card readers or letters from a memorable word – are insufficient to assure their bank account is secure and not accessible by other people.

The online survey, conducted by YouGov and sponsored by credit reference agency Equifax, found just over a fifth of the 2,000 Brits quizzed (21 per cent) have previously had either their social media or email account hacked. After discovering an account compromise, the majority (81 per cent) responded by changing their password, while 20 per cent chose to completely close the account.

Younger people are more inclined to close their account following a password compromise, with 39 per cent of people aged 18 to 24 closing their account versus 18 per cent of 35- to 44-year-olds and 12 per cent of over-55s doing so.

When asked about what personal information would concern them most if stolen and used for fraud, bank details topped the list (81 per cent), followed by debit or credit card pin number (72 per cent), passport (60 per cent), and driver’s licence (46 per cent). Personal photographs were of least concern, with only 27 per cent of people worrying about these being stolen by fraudsters.

John Marsden, head of ID and fraud at Equifax, said: "Multi-layer authentication is common practice among financial providers. However many consumers are unaware of the invisible layers that also form part of the verification process when they’re accessing their bank accounts. As account hacking remains an issue, it’s no surprise that loss of financial details is a top concern for consumers, who increasingly demand higher security to protect their money."

In other consumer banking news, Barclays has launched new debit card controls that will allow customers to enable or disable whether their card can be used to make remote purchases, or set their own daily ATM withdrawal limits on the Barclays Mobile Banking app. Barclays is debuting the new controls as part of a drive to increase the public’s awareness of financial fraud risks. ®

Other stories you might like

  • Despite 'key' partnership with AWS, Meta taps up Microsoft Azure for AI work
    Someone got Zuck'd

    Meta’s AI business unit set up shop in Microsoft Azure this week and announced a strategic partnership it says will advance PyTorch development on the public cloud.

    The deal [PDF] will see Mark Zuckerberg’s umbrella company deploy machine-learning workloads on thousands of Nvidia GPUs running in Azure. While a win for Microsoft, the partnership calls in to question just how strong Meta’s commitment to Amazon Web Services (AWS) really is.

    Back in those long-gone days of December, Meta named AWS as its “key long-term strategic cloud provider." As part of that, Meta promised that if it bought any companies that used AWS, it would continue to support their use of Amazon's cloud, rather than force them off into its own private datacenters. The pact also included a vow to expand Meta’s consumption of Amazon’s cloud-based compute, storage, database, and security services.

    Continue reading
  • Atos pushes out HPC cloud services based on Nimbix tech
    Moore's Law got you down? Throw everything at the problem! Quantum, AI, cloud...

    IT services biz Atos has introduced a suite of cloud-based high-performance computing (HPC) services, based around technology gained from its purchase of cloud provider Nimbix last year.

    The Nimbix Supercomputing Suite is described by Atos as a set of flexible and secure HPC solutions available as a service. It includes access to HPC, AI, and quantum computing resources, according to the services company.

    In addition to the existing Nimbix HPC products, the updated portfolio includes a new federated supercomputing-as-a-service platform and a dedicated bare-metal service based on Atos BullSequana supercomputer hardware.

    Continue reading
  • In record year for vulnerabilities, Microsoft actually had fewer
    Occasional gaping hole and overprivileged users still blight the Beast of Redmond

    Despite a record number of publicly disclosed security flaws in 2021, Microsoft managed to improve its stats, according to research from BeyondTrust.

    Figures from the National Vulnerability Database (NVD) of the US National Institute of Standards and Technology (NIST) show last year broke all records for security vulnerabilities. By December, according to pentester Redscan, 18,439 were recorded. That's an average of more than 50 flaws a day.

    However just 1,212 vulnerabilities were reported in Microsoft products last year, said BeyondTrust, a 5 percent drop on the previous year. In addition, critical vulnerabilities in the software (those with a CVSS score of 9 or more) plunged 47 percent, with the drop in Windows Server specifically down 50 percent. There was bad news for Internet Explorer and Edge vulnerabilities, though: they were up 280 percent on the prior year, with 349 flaws spotted in 2021.

    Continue reading

Biting the hand that feeds IT © 1998–2022