APACS: Online banking increases by more than 500 per cent

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APACS: Online banking increases by more than 500 per cent

Thu 24th Jul 2008

The number of people banking online has increased by 505 per cent in seven years, according to APACS, the UK payment association.

From 3.5 million in 2000, the figure was just over 21 million last year.

Sandra Quinn of APACS said the organisation expects use of online banking to increase in the future.

APACS said the chances of fraud on online banking are very low, with the 2007 figures showing a year-on-year decline of 33 per cent in such losses.

But the number of phishing and spyware scams continues to increase.

APACS data show more than 20,000 phishing incidents in the first half of 2008 – an increase of 180 per cent compared to the same period in 2007.

Internet banking started to move away from being perceived as a "crazy idea" ten years ago, Ken Woghiren recently told Computer Weekly.

Mr Woghiren is head of architecture and innovation at Citigroup UK, which owns Egg, the world's largest internet-only bank.

He told the publication that since Egg's launch ten years ago, the change in customers' experience of online banking has been "staggering".

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