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Cynthia Ramsaran
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Consumers Feeling More Comfortable with Banking Online

Consumer attitudes towards the safety and security of Internet banking have improved dramatically since 2001

Consumer attitudes towards the safety and security of Internet banking have improved dramatically since 2001, according to a recent survey conducted by New York-based Barry Leeds and Associates.

The Web survey of 846 consumers reports that attitudes toward Internet banking have improved in 2003, compared to attitudes revealed in previous studies. Seven in 10 consumers completely or strongly agreed with the statement, "Internet-based transactions handled by financial institutions are safe and secure," versus about half of those polled by Barry Leeds and Associates in 2001 and 2000.

Also, consumers are starting to view Internet-based transactions handled by financial institutions as equally safe as those that take place over the phone, according to the survey. Only 32 percent of respondents agreed that Internet-based transactions were more secure than telephone-based banking transactions in 2000; this percentage rose to 41 percent in 2001 and continued to rise to 47 percent in 2003, this year's study revealed.

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