Security weaknesses at some UK banks could expose customers to fraudsters, a new Which? the investigation revealed.
The consumer group tested the security of banking websites and apps across four key criteria: login procedures, security best practices, account management, navigation and logout – and these were then merged to give a total score .
It was not able to test the banks’ back-end security systems, but with the data collected it was able to rate the best and worst companies when it came to customer security.
It comes as more Brits use mobile banking at record levels and criminals see it as a gateway into people’s personal finances.
According to UK Finance’s latest half-yearly fraud report, mobile banking fraud losses increased by 17% to £18.7 million in the first six months of 2023 – the biggest increase recorded since the Data collection on this type of fraud began in 2015. The number The number of cases jumped 32% to 8,078, also the highest total recorded.
Which? said Wednesday that while all companies use multi-layered security, which helps reduce the risk of major security breaches, some companies don’t meet the high standards customers can expect.
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