Password

70% rely on dated passwords for banking




Almost three quarters (70%) of people rely on dated passwords for access and security, according to a new report from HSBC.

The HSBC study, ‘Trust in Technology’ – which surveyed more than 12,000 people in 11 countries –  also found that 80% of respondents did not understand blockchain and 69% did not understand robo-advisers.

Despite 80% believing that technology made their lives easier, less than half (46%) said they trusted fingerprint recognition to replace their password.

Only a fifth (21%), used fingerprint recognition while just 6% used voice recognition.

John Flint, global chief executive of retail banking and wealth management at HSBC, said: “Digital technology is rapidly evolving and customers are now able to bank more simply, quickly and in the most secure way possible.

“While people say they place huge value in the security of their personal data, they do not yet understand that adopting new technologies can help them to protect their information.

“Our research shows many people do not understand new technologies and so are unable to place trust in them.”

The majority (84%) of respondents said they would share their personal data with their bank if it meant getting a better service.  

Meanwhile, a further 87% of people believed their bank offering the protection of their personal data security was as important as the security for their finances.

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