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Two in five over-65s with bank accounts ‘don’t manage their money online’

Almost four in 10 (39%) older people do not manage their money online and could therefore be at risk of financial exclusion, according to Age of Great Britain.

The survey showed a high level of support for personal banking, with three-quarters (75%) of over-65s who have a bank account wanting to complete at least one banking task in person at a bank branch, building company or post office.

Age UK commissioned an Ipsos survey of more than 1,000 people aged 65 and over across Britain in March and April to draw up the findings.

The study also found that nearly a third (31%) of seniors with bank accounts feel uncomfortable with online banking.

Even seniors who bank online often want to be able to talk to a bank teller about a transaction

Caroline Abrahams, Age UK

Among the study participants who were most likely to feel uncomfortable using online banking were people over the age of 85, women and people with low incomes.

Among those who felt uncomfortable with online banking, the main reasons given were not wanting to be cheated or cheated, lack of trust in online banking services and lack of IT skills.

The charity wants to see the accelerated roll-out of banking hubs, which are places where banks share funds, helping to plug the gaps left by branch closures.

Caroline Abrahamsdirector of the charity Age UK, said: “We need to acknowledge the fact that a huge number of older people, especially older people, do not use online banking.

“Additionally, our new research also shows that even older adults who bank online often want to be able to talk to a physical bank employee about a transaction.”

John Howells, chief executive of ATM and cash access network Link, said: “Protecting personal banking for the millions of consumers who rely on cash is vital.

“The proposed national network of shared banking centers provided by the banking industry is proving to be a popular and easy-to-use way to do this.”

The findings were published by consumer group Which? emphasized the security issues surrounding mobile banking.

which one? wants banks to stop relying on text messages to send sensitive information and fraud alerts. If a phone is stolen, criminals can either view messages sent by text or put the victim’s SIM card in another phone and continue to receive the messages, the consumer group said.

It covered a case involving a 46-year-old man Barclays a customer who was in a London pub when his mobile phone was stolen from his jacket pocket which was lying on the back of a chair.

By the time he woke up the next morning, £73,000 had been transferred from his accounts to one controlled by the fraudster, the consumer group said.

which one? suggested that someone may have potentially been “over the shoulder” to see the code the man used to unlock his phone and then tried similar combinations to access the app.

The bank sent a fraud alert via SMS, which is useless to the account holder if his phone has been stolen, Which one? said.

A consumer group said Barclays returned £15,000 stolen from a man’s personal account but refused to reimburse his business account. Cyber ​​insurance taken out by the man’s business meant he paid back money transferred from his business account.

There is no higher priority than protecting our customers’ funds and data


which one? said it was generally concerned about some banks’ security measures for resetting login details.

A Barclays spokesman said: “There is no higher priority than protecting our customers’ funds and data. The Barclays app has several layers of security that are constantly rigorously tested to provide our customers with the highest level of protection.

“We sympathize with our customer who reported being the victim of a sophisticated and targeted mobile phone theft. Funds sent to a third-party account outside of our customer’s control have been returned in full as a goodwill gesture.

“We assess each case on its individual merits and, while we see no evidence of fraud, we recognize that this is a complex case involving a loyal customer.”

A Barclays customer said: “I never once felt that the bank was listening to me and they only put the money back into my personal account when a journalist from Which?

“They continue to claim they see no evidence of fraud, which is completely absurd given the weight of the evidence, including from the police officer I reported the crime to at the time.”

Jenny Ross, which one? An editor at Money said: “The lack of robust protection in some banks’ mobile apps is a major concern and could put many more consumers at risk of fraud.

banks must up their game to protect customers. Banks must also ensure that they comply with their legal obligations to compensate customers for unauthorized transactions.”

Here are some tips from Which? to protect your mobile phone:

1. Add a PIN to your SIM card to prevent someone from stealing the card and inserting it into another phone. You can do this in your phone’s settings app.

2. Turn off preview notifications on your phone to prevent thieves from viewing messages when your phone is locked. On iPhone, you can change your notification settings in the Notifications section. On Android devices, these are “lock screen notifications” in your Settings app.

3. Consider enrolling in the Find My Phone program using Google Find My Device or Apple Find My iPhone so that your phone can be located, locked, or remotely wiped if lost or stolen.


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