Consumers are being urged to register their mobile numbers with their bank or building society as research finds more than two-fifths (42%) have forgotten where their card details are stored and nearly a quarter (24%) have fallen victim of personal data theft.
The research from Nationwide Building Society shows the average Brits making online purchases at least once a week and highlights the struggle British consumers are having keeping up with the sheer volume of online sites they’ve entered their card details into, leaving them exposed to potential fraud.
Fraudsters often access and steal people’s information from data breaches at the places consumers shop, or from sources of public information available online – such as social media profiles.
More than seven in ten (71%) say their full name is freely available on sites such as Facebook, with more than half (53%) have their full date of birth on their profiles. A similar amount (54%) include their home town with 8% going as far as including their full address. Is this ‘new normal’ of freely providing vital details to numerous websites without a second thought turning the internet into a fraudster’s paradise?
Piecing together this information can allow those with malicious intent to break through security measures. Adding a secondary layer of security, such as Nationwide’s ‘Strong Customer Authentication’ adds piece of mind for users when accessing internet banking or using mobile banking apps.
Utilising their mobile phone number, unique to each device, will see those accessing their banking details sent a one-time passcode via text message – allowing them to quickly and easily prove it’s definitely them accessing their accounts. This extra step will make it more difficult for fraudsters to impersonate them as it no longer relies on personal details.
Jag Bassi, Head of Digital Products at Nationwide Building Society, said: “Increasingly more of our lives are being managed online as consumers want access to goods and services 24/7. However, we need to be mindful of the information we put in the public domain and that if it gets in the wrong hands, we could become a victim of fraud.
“Nationwide is working hard to protect our members from online fraud by adding further security, particularly when they shop or bank online. People will be required to enter a one-time code sent to their mobile, which will further confirm it is really them making the transaction. We will continue to introduce more options for our members, such as using codes generated by our card readers or by sending approval requests directly to users Mobile Banking Apps. It is essential that members ensure their personal details are up to date, especially email addresses and phone numbers, otherwise they may find they won’t be able to make purchases online.”
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