HSBC reveals 'layers of financial protection'

17 September 2007
Customers using online banking facilities should be confident that banks have a range of security measures designed to protect their data, an expert has said.

Nick Staib of HSBC explained that banks did not publicise the steps they take to protect customer accounts and identities but assured customers that HSBC "do an awful lot behind the scenes to keep people safe."

UK payments association Apacs published figures recently that showed the number of adults in the UK using online banking increased last year by 174 per cent from 6.2 million in 2001 to 17 million.

Mr Staib said: "There is a lot more going on under the surface – it's a bit like an iceberg.

"So the tip of the iceberg is the bit that you see as a customer and underneath that there are multiple security layers that protect you. "

He added that the benefits of online accounts were easy access to balances and moving money between accounts, as well as that they allowed customers to create payments and pay bills.

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