More than two-thirds of consumers expect banks to repay them for losses that result from online scams, with half (51%) prepared to ditch them if they don’t.
The research of about 2,500 people, carried out by YouGov for Akamai Technologies, also revealed that 58% of British people receive at least one attempted scam via email or text message per week, with 23% falling victim to them at some point.
Attacks resulting from credential stuffing, where scammers use stolen account credentials to gain access to people’s accounts, increased by 45%, according to the findings.
The high incident rates come despite consumers increasingly using recommended cyber security practices. In total, 59% of UK respondents said they do not use the same password for any online services, the survey found. Most respondents (86%) were confident that banks will protect them from cyber criminals, and 67% expect banks to cover losses if they do occur, regardless of the amounts stolen.
“This research confirms what far too many of us already know: there’s a serious fraud and cyber crime problem in the banking and financial services industry,” said Richard Meeus, director of security technology and strategy for Europe, the Middle East and Africa at Akamai.
“While 98% of respondents use some kind of security measure to protect and access their online banking, not all services are created equal,” he said. “Only 19% use a dedicated multi-factor authentication app, which is…