47% of Consumers Are Underprotected when Banking Online

Consumers typically belong to one of three types of online banking behavior; and age plays a strong role in which type you belong to according to new research by McAfee that has been packaged up as a handy educational guide. Here’s how they break down the three types, and an overview of the advice McAfee gives to each group:

  1. “Competent But A Little Careless”: Ages 18-24This group is the most comfortable with technology but they tend to be overconfident, sometimes forgetting to put basic security practices into place.

    Advice: Smarten up; your confidence is not well placed. This group spends an average of 32 hours a week online, and because of their comfort level with technology, they confidently use new technologies – 44% prefer online banking. Yet 68% of users in this age bracket don’t even have a basic anti-virus program installed, and 41% have never heard of malicious software. Only 30% say they are actively protecting themselves. While this group is comfortable doing things online, they’re doing it without protection and are highly vulnerable to attack.

  2. “Confident But Casual”: Ages 25-45This group uses the Internet for both work and personal reasons and are the most frequent online banking users. However, they are sometimes casual about security.

    Advice: If you’re casual about security, you’re compromised. This group uses the internet heavily for work, entertainment, to make purchases…and to bank online. Those ages 31-44 do more online banking than any other demographic group, and they are more likely to get their financial information online. While this group is 5% more likely to use antivirus software than their younger counterparts, a 47% antivirus adoption rate is still shockingly poor. Unfortunately, this group’s faith in their security skills is likely to be a stumbling block as the majority believe they are doing enough to stay safe, with only 35% saying they needed more information.

  3. “Conservative But Cautious”: Over 45 years old This group is not as familiar as younger generations with technology, and a smaller portion use online banking. They tend to be more cautious when going online, and are in fact better protected than the other groups because research shows a higher percentage have security software.

    Advice: Though you are the best protected group, you need more security.  This group has a mixed track record in technology adoption as they don’t have as many connected devices, are less tech-savvy and spend less time online, but they are the group that spends the most on everything from their telecom fees to PC purchases. Younger boomers bank online, but those over 55 are far less likely to do so.  Fortunately though this group is the best protected by security software, it is also the group that knows they need more security information.

To learn the specific steps each target group should take, check out the full Online Banking Safety Guide, Graphics and Video on the McAfee blog.

Linda

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