Web Bankers Adopt More Online Security Methods

The Commonwealth Bank Group released its annual E-Money survey today, which shows 90 percent of Internet banking users are utilizing some form of online security.

The most popular security measures include logging out correctly at the end of each session (93 percent) and being selective about using online banking at shared or work computers (69 percent).

Another 67 percent update personal details and mobile phone numbers to enable notification of any unusual activity, while 55 percent regularly update and protect passwords, with 47 percent setting daily withdrawal limits.

Acting head of the Commonwealth's Retail Bank, Ross McEwan, said that in addition to signing up for additional security measures like two-factor authentication using tokens or short-message service, users are taking other steps to safeguard their online activity and are generally more security savvy.

McEwan said the survey also shows a 26 percent jump since 2006 in the number of over-50s logging on to Internet banking services, proving online banking isn't just for Generation X and Y.

"That's a jump of almost half a million; baby boomers are catching up and taking up online banking at a faster rate than ever before," he said.

"This increase in online banking use goes across the board, with more than 1.3 million customers joining the online banking revolution in the last year alone.

"Australia is now one of the world leaders in terms of online banking use."

The E-Money survey found the average user will check their account balance around twice a week online and transfer funds about once a week.

More than two-thirds of online bankers use the service to schedule future payments of bills or money transfers, or to pay their credit card.

The survey was released to coincide with the 10th anniversary of the launch of NetBank in Australia. It was the first online banking service offered by a local bank and has more than 2.3 million registered users.

This story, "Web Bankers Adopt More Online Security Methods" was originally published by CIO Australia.

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