New Research Finds US Consumers Can Better Protect Themselves from Hacks & Cyber Threats While Using Online Banking

Hikvision on Use of Password Managers to Prevent Hacks

The Security magazine article, “U.S. Consumers Need to Better Protect Themselves When Banking Online,” covers new research from analytics software company FICO that found consumers need to take additional measures to protect themselves from hacks and other cyber threats while banking online.

"We're seeing more cyber criminals targeting consumers with COVID-19 related phishing and social engineering. Because of the current situation, many consumers are only able to access their finances digitally, so it's vital to remain vigilant against such scams and take the right precautions to protect themselves digitally," said Liz Lasher, FICO VP of fraud portfolio marketing, in the article.

The study found that 42 percent of Americans use separate passwords to access multiple accounts. Seventeen percent of respondents reuse two to five passwords across various accounts. The report also found that:

28 percent of respondents abandoned an online purchase due to forgetting their login information.

Consumers are doing more business digitally, with 52 percent reporting they would open a checking account online.

American consumers trust physical biometrics such as fingerprint authentication and 78 percent responded that they would appreciate if their bank used some type of biometrics for security.