Brits not bothered by threat of internet fraud

17 August 2007
Over half of Brits claim that they are not worried about becoming victims of internet fraud, according to new research from Lloyds TSB Internet banking.

51 percent of people questioned said that internet fraud was not a worry for them, even though nine out of ten people realise that it is not a victimless crime.

The study, which questioned 1400 people throughout the month of July about their attitude to the threat of internet fraud, also revealed the reasons why UK consumers appear to be so indifferent about internet security despite the obvious risks and problems posed by internet fraudsters.

Many people seem to think that there is little that can be done to stop it and a quarter of the population say it isn’t worth worrying about internet fraud because ‘these things happen’. 39 per cent don’t worry as they know that they will be reimbursed by their bank and almost half (48 per cent) think the convenience of internet banking far outweighs the risk of fraud.

Commenting on the findings, Ian Larkin, managing director, consumer banking, Lloyds TSB comments said: “Internet fraud is an issue no one can afford to ignore and it is by no means a victimless crime. Its impact stretches far beyond the customer whose money is taken and the bank it is taken from, with the proceeds often used to fund other more serious crime around the world.

“As a bank, we do everything in our power to keep fraudsters at bay by making sure our online security is second to none. But our customers also have a part to play in the fight against online crime.

“Anyone using online banking needs to make sure they choose strong passwords, regularly update the security of their PCs and keep their details secret at all times. Some customers do believe fraud just happens, but sitting back and doing nothing is the surest way to turn this into a self-fulfilling prophecy.”

Another interesting fact that surfaced was that young people appear to be the least knowledgeable about how to stay safe online with 15 per cent of the 18-25 age group saying they feel ‘very well informed’ about what they need to do to avoid becoming a victim of online banking fraud compared to 22% of 35-50 year olds and 29% of over 65s.

Jim Hodgkins, Managing Director of, says: “With more people now turning to the internet for banking, shopping and social networking, it’s now even more important to safeguard your information from potential fraudsters. The easiest way to keep ahead of them is to monitor your credit report.”

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