Online banking safe, says Cahoot

05 November 2004
The head of Cahoot has quashed fears surrounding the safety of internet banking.

A BBC report appeared to show flaws in the security of the system - allowing users access to other people's accounts with little more than their user ID.

But Tim Sawyer has moved to reassure the company's 650,000 customers.

"This is a serious matter, but what I should stress is that for someone to get access to another Cahoot customer's account they would need for that customer to have given them their confidential security ID," he said, adding that even in that eventuality "at no point could a potential fraudster have made any financial transactions at all".

Internet banking is growing fast in the UK, as long ago as February last year there were 7.5 million internet banking customers in the across the country.

To read more about online banking, click here.
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