Less than half of Britain’s leading banks are doing enough to protect customers from hackers, according to a Which? investigation. Only five of the 12 investigated banks used two-factor authentication at login, a feature which makes it harder for criminals to hack into accounts.
Dewald Nolte, Chief Commerical Officer at Entersekt:
“The rise in popularity of internet banking has unfortunately been coupled with an increase in digital fraud. There was a time when social media had better authentication security thanks banks. Now, consumers expect banks to put a premium on security to ensure that they stay several steps ahead of any new techniques that fraudsters devise. Consumers work hard for their money, and they expect banks to treat it right and do their utmost to look after it. There is a fine balancing act between security and easy user experience, but it is one that a number of fintechs have managed to achieve. Hence, partnering with a fintech, one that already has this technology in place, will enable banks to quickly and cost-effectively up their security game, while at the same time enhancing the user experience.”