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More and more of us are using online bankingAs of January 2021, 14 million Brits had a digital-only bank account, and 76% used online banking in 2020.  

Statistic: Online banking penetration in Great Britain from 2007 to 2020 | Statista

Online banking penetration in Great Britain from 2007 to 2020

 

Checking your balance from your phone or transferring money to someone with just a few taps is just *so* convenient. Especially during the global pandemic with bank closures and staff shortages. Online banking is a great way to be in control of your finances 24/7, but is it safe? 

Not-for-profit ‘consumer champion’ Which? has carried out research into the security of digital bank systems. A team of volunteers carried out a series of tasks, while cybersecurity experts at 6point6 tested each bank’s defences. Exploring both internet and mobile app services, the charity rated 15 of the biggest UK banks on their security system features such as encryption, login, account management, navigation and logout. 

The research findings have led to questions around security of passwords. 

 

fidomoney Security Features 

At fidomoney we take security very seriously. We have a number of systems and technologies in place to ensure that no one but you can access your funds.  

  • Strong Customer Authentication (SCA): we use two-factor identification, an added layer of protection to your account from fraud. 
  • Cutting edge fraud and transaction monitoring: we keep an eye on your accounts with state-of-the-art software, and because we get to know our customers, we’ll spot anything that looks suspicious or out of place. 
  • Enhanced card management capabilities: you stay in control of your account – freeze your account and access replacement cards if yours is lost or stolen.  
  • Card spend limits: set your card spend limits. As well as offering greater security, this feature also gives you increased control over spending. More information on fidomoney card spend limits here.

 

To open your fidomoney business current account, apply on the website. 

If you think you’ve been a victim of bank fraud, call Action Fraud in the UK on 0300 123 2040. 

 

Sources: 

https://www.cityam.com/millions-of-banking-app-users-exposed-to-security-flaw-hsbc-natwest-monzo-santander-starling-and-virgin-money-customers-affected/ 

https://www.which.co.uk/money/banking/banking-security-and-new-ways-to-pay/online-banking-security/how-safe-is-online-banking-ayvfj7p8cctc  

https://dontdisappoint.me.uk/resources/digital/digital-banking-statistics-uk/