Online banking 'quite safe from fraud'

By Sarah Engle, Thu 25 Sep 2008 - Published in Banking

Making online payments is a secure process and people should not be overly concerned with fraud, it has been suggested.

A spokesperson for HSBC described the system as being "extremely secure" and claimed very few people have experienced fraud stemming from their use of the internet for payments.

"Fraud is far more likely to happen if someone has got your details out of your bin, if they have been a little careless with their bank statements or other personal information," he explained.

Research from UK payments association Apacs found that the number of people using online banking has increased by 500 per cent over seven years.

The figures show 21 million savers used the service in 2007 compared to 3.5 million in 2000 and half of internet users now bank online.

In addition, the organisation reveals there was a 33 per cent year-on-year fall in online banking in 2007 and advised customers not to reply to suspicious emails, as they could be phishing attempts.

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