Category Archives: Online Banking

Banks risk losing customers with anti-fraud practices

Many banks across the U.S. and Canada are failing to meet their customers’ online identity fraud and digital banking needs, according to a survey from FICO. Despite COVID-19 quickly turning online banking into an essential service, the survey found that financial institutions across North America are struggling to establish practices that combat online identity fraud and money laundering, without negatively impacting customer experience. For example, 51 percent of North American banks are still asking customers … More

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Convenience vs. Online Security: Have Your Cake and Eat It Too

online safety

Convenience vs. Online Security: Have Your Cake and Eat It Too

We live in a world where convenience is king. Personally, I don’t know what I would do without my calendar alerts popping up on my smartphone, ensuring that I don’t miss any important meetings (or birthdays).  I can also use a variety of apps to make appointments with my family’s doctor and check up on my kids’ educational progress while they are at home distance learning. While this technology is great and convenient, it has led to increased connectivity which tends to cause security implications. At what point do we draw the line between convenience and online security, and is there a way to ultimately have both? Let’s take a look.

Are Consumers Confident in Their Online Safety?

Consumers want to live their lives fast. They are constantly on the go, prioritizing speedy technology and convenience – sometimes more than safety. As a result, basic security hygiene, like updating passwords, has fallen by the wayside. In fact, a recent survey conducted by YouGov in April of 2020 revealed that consumers are overconfident in the level of protection that their credentials provide. 77% believe that their banking credentials are the most secure, followed by online shopping (74%), and work network logins (71%). Due to consumers’ overconfidence in the strength of their credentials, over half of online shoppers admitted that they have no plans to update their login details – and even more admitted to not updating bank and work passwords. As someone who just recently wrote a blog on common password habits and how they can affect our online safety,

Finding a Balance Between Convenience and Security

As today’s users are trying to grasp what the “new normal” means for them and how they live their lives, many are branching out from the typical ways they used to order food, take workout classes, and more. Consumers are using food delivery sites that they’ve never used before and signing up for online fitness classes on new platforms to  stay healthy while social distancing. But by using these unfamiliar websites to establish a sense of normalcy, users might forget to take basic security precautions like making sure these websites have the standard https:// security clearance or using a VPN. Paying attention to these security measures while exploring new platforms will allow users to enjoy the convenience of these tools without putting their online safety at risk.

According to McAfee Labs, more than 113,000 websites have been published that used COVID-19 to lure internet users into giving up their personal details. But despite the risks associated with poor security hygiene, consumers appear to be pretty indifferent. When asked if COVID-19 and increased fraud influenced them to use alternative banking or shopping apps/websites with more secure options, over three-quarters of U.S. consumers stated no, or that they didn’t know. At the onset of the pandemic when consumers were under pressure to buy scarce, staple items, 26% of consumers in the U.S. admitted to overlooking online security concerns by using third-party merchants to buy things like toilet paper and disinfecting products.

Today’s users already have so much to worry about – I can’t blame them if their online security is falling by the wayside to allow physical health and wellness to take precedent. It’s times like these when people need to prioritize their health and basic survival above all else that consumers benefit most from intrinsic security that is constantly working in the background, so they can have peace of mind.

Let Them Have Security (and Convenience!)

The good news: convenience and security don’t have to be mutually exclusive. I can still use my healthcare provider’s app to schedule appointments and check in on my kids as they distance learn without risking our family’s privacy. When it comes to balancing convenience and online security, you and your family should use trusted solutions that will allow you to enjoy all that the internet has to offer  by providing security that is easy, convenient, and empowers you to enjoy a safe and private digital live.

Users can enjoy a comprehensive, yet holistic approach to protection by employing the help of a security solution like McAfee® Total Protection. Consumers are safeguarded from malware  so they can continue to use their devices and web browsing to stream live workout classes, catch up with family over video conference, and more. The software’s detection capabilities are constantly being updated and enhanced without compromising users’ device performance.

McAfee Total Protection also includes McAfee® WebAdvisor – web protection that enables users to sidestep attacks before they happen with clear warnings of risky websites, links, and files. McAfee WebAdvisor allows consumers to online shop or order food from their favorite restaurant while giving them the peace of mind that they’re on a safe website.

McAfee Total Protection also includes our secure VPN to ensure your family is prepared for potential threats that could be lurking around the corner. By enabling a VPN on your device, you can feel confident that the next time you bank or pay bills online, your connection is secure. With solutions like McAfee Total Protection and McAfee WebAdvisor in place, consumers can strike a balance between convenience and security, without sacrificing either.

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