Consumers still crave face-to-face meetings

Direct interaction with institutions like banks was hailed as the best option for a third (32%) followed by contacting providers over the phone, which was favoured by one in five (19%).

Just 15% like to use a website, 8% prefer to use email while just 6% see online messaging as the best way of dealing with their financial affairs.

John Marsden, fraud and identity expert at Equifax, says: “People are becoming much more aware of the types of fraud and scams they could fall foul of, especially when it comes to their sensitive personal and financial data.

“Both the evolution of technology and new approaches by fraudsters bring fresh challenges for financial service providers who must put robust systems in place to help develop trust between them and their customers.”

The survey found that a third (34%) of consumers who don’t use their provider’s website are concerned about security, while a similar (35%) amount accused their bank of failing to tell them about security precautions when using services online.

A significant proportion of consumers are using mobile devices (37% for smartphones/mobiles and 34% for tablets/iPad), but half feel less secure on a smartphone compared to a desktop consumer.

Marsden added: “Consumer demand for convenient and easy access to their finances through online portals on a range of devices is growing, however to meet this demand effectively, providers need to provide reassurance that it is secure and data is protected.

“Reducing exposure to fraud must be done in a way that improves rather than complicates your customers’ journey. The right technology needs to be in place and the protection you provide to your customers must be clearly communicated to them.”