Most Web Bank Clients Use Same Passwords Elsewhere

A vast majority of online banking customers use their log-in credentials to access other websites, sharply increasing risk of attack to their bank account, Internet security firm Trusteer said yesterday.

Some 73 percent of Internet bank clients share online banking password with non-financial sites, and 47 percent re-use both, their online banking user name and password, British firm Trusteer said, citing a sample of more than 4 million users.

"Our findings were very surprising, and reveal that consumers are not aware, or are choosing to ignore, the security implications of re-using their banking credentials on multiple websites," said Trusteer's Chief Technology Officer Amit Klein.

Michael Paisley, the head of information security at Santander in Britain, said banks’ protection shield has expanded beyond the banks’ walls as online banking has increased.

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"From the bank's point of view it has become very important we help our customers to protect their identity online," he said.

Trusteer's Rapport browser security service, which recognises when users attempt to submit online bank credentials to other websites, is one solution that can come to the aid of banks. (Reuters)