You are here: Home - Saving & Banking - News -

Online banking figures soar

Written by:

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.

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Credit card consumers feeling the pinch

Nearly a third of credit cardholders have had the APR on their existing card hiked in the past year, according...