Online banking 'helps Brits plan their finances'

By Sarah Engle, Mon 18 Aug 2008 - Published in Banking

The increase is the number of people banking online is a good thing, according to the Association of Payment Clearing Services (Apacs).

Research by the organisation has revealed the number of adults who are using the internet to monitor credit cards, organise loans and conduct a variety of other banking tasks has increased from just under 3.5 million in 2000 to just over 21 million in 2007 – a rise of 505 per cent.

Michelle Mayer from Apacs said online banking allows people to keep track of their money more easily and plan their finances more accurately.

She stated: "Having access to your finances whenever you want and seeing what is going in and coming out puts you in a good place."

Meanwhile, total losses incurred as a result of online banking fraud fell 33 per cent last year compared with 2006, from Ł33.5 million to Ł22.6 million.

However, the number of email phishing scams in the first six months of 2008 has risen 180 per cent compared with the same period last year.

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