London : The number of individuals using the internet and banking online has exceeded 50 per cent for the first time.
In the 12 years since internet banking began its popularity has grown and in 2009 22 million adults used internet banking on their main current account.
This is more than half of the estimated total of 41.4 million regular internet users.
This rise in online banking has resulted in a decline in the number of people banking over the telephone to 14.5 million from a high of 16.1 million in 2005. Last year 26.8 million adults used at least one of online or phone banking.
The most popular tasks that people who bank online carry out on their main current account are checking account balances and checking statements.
Phone banking remains a popular way for people to enquire about their account. Katy Worobec, head of fraud control at Financial Fraud Action UK, said: "Online and phone banking has totally changed the way we manage our accounts, enabling us to keep a much closer eye on our finances outside of traditional banking hours."
But while she said the chances of becoming a victim of online or phone banking fraud are low, there are a number of common sense steps that people can follow to significantly minimise the chances of becoming a victim of fraud.
Financial Fraud Action UK has produced a guide detailing this advice with tips on how to avoid becoming a victim of fraud.
— Financial Times
