Research by financial technology company Intelligent Environments has found that over a third (34 per cent) of people feel they have too many passwords to remember, so write them down
- More than a fifth (21 per cent) have shared their PINs with colleagues, friends or family members to withdraw money on their behalf
- More than one in ten (14 per cent) haven’t altered how often they change their PINs, despite them being victims of fraud
- Almost a quarter (23 per cent) have put becoming more prudent with personal security on their list of New Year’s resolutions
Despite the number of high profile cyber hacks in 2016, financial technology company Intelligent Environments has found that consumers still aren’t as security-conscious as they should be and that banks need to play a greater role in protecting customers.
Research conducted by the company reveals that over a third (34 per cent) of British consumers feel they have too many passwords and so write them down in order to remember them.
In addition, almost a quarter (21 per cent) have shared their PINs with colleagues, friends or family members so they can withdraw money on their behalf. The research also revealed that almost a third (29 per cent) of people have never changed their PIN, and 15 per cent only change it if and when they suffer fraud. Furthermore, 14 per cent of consumers have suffered from fraud but still haven’t changed how often they update their PIN and passwords.
However, Britons are slowly becoming conscious of the threat of cyber-attacks, with 60 per cent saying the recent hacks have made them more aware of their personal data security. Additionally, 23 per cent said one of their New Year’s resolutions is to become more prudent with personal security.
Consumers are now looking to financial institutions to help protect their data in a more user-friendly, but equally robust way. Over half (52 per cent) think their bank should do more to protect them from fraud, and almost a third (28 per cent) think their bank should make it easier to log in to their account so they don’t have to remember so many passwords.
Clayton Locke, chief technology officer at Intelligent Environments said, “Consumers are clearly aware of the cyber threat. It’s up to financial services providers to implement robust security systems that go beyond passwords, to offer additional methods of authentication so consumers can enjoy a seamless, yet secure experience. Time and again, passwords and PINs have proven to be weak lines of defence, but by adding additional methods of authentication such as biometrics, banks will fulfil their responsibility to keep their customers’ data safe.”
As we’ve seen from our research, almost a quarter of consumers have put becoming more prudent with personal security as one of their New Year’s resolutions. Banks can help by ensuring their customers are given the appropriate advice on good security practice. This, coupled with more sophisticated security technology, will make for a safer banking experience.”