UK consumers want at least three security steps to secure bank accounts

Six in ten UK consumers (60%) think that having fewer than three security steps including passwords, card readers or letters from a memorable word is “insufficient” to secure their bank account, research released by Equifax and YouGov reveals.

“Multi-layer authentication is common practice among financial providers,” says John Marsden, head of ID and fraud at Equifax. “However, many consumers are unaware of the invisible layers that also form part of the verification process when they’re accessing their bank accounts.

“As account hacking remains an issue, it’s no surprise that loss of financial details is a top concern for consumers, who increasingly demand higher security to protect their money.”