Banking

The number of adults using online banking has increased by 505% since 2000, according to figures released today by APACS, the UK payments association.  

In 2000, just under 3.5 million people were using the internet to check and maintain their personal finances, APACS revealed, compared to 21 million last year. This increase is in spite of a 180% rise in the number of people reporting phishing incidents (a type of online scam designed to extract personal information such as account numbers and passwords) between the first half of this year and the same period in 2007.

APACS has published a guide to safe online banking, which advises consumers to be wary of unsolicited emails about making easy money by transferring funds in and out of your online account or asking for PINs, login details or passwords.

Sandra Quinn, director of communications at APACS, said: In the future we expect more people to use online banking to make payments rather than just checking balances, particularly in light of the recent introduction of the new faster payments service. This enables customers to make one-off payments over the internet or by phone within hours, not days.

However, we strongly urge banking customers to make sure they remain wary of online scams such as unsolicited emails claiming to be from their bank, and to only use a fully protected PC with regularly updated anti-virus software and a firewall installed and switched on.

Read more about online accounts.